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Korean Banks To Limit Services For Unverified Crypto Traders

Published: 12/09/2018

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South Korean banks will limit services for clients of crypto exchanges if they don’t identify themselves according to the requirements of the financial regulator, Bitcoin.com reports citing the local media.


The decision to identify market participants through bank accounts was made by the country's financial regulator at the beginning of this year when it generally tightened the requirements for crypto trading on South Korean platforms.


The rules prescribe to open an account at a bank, which cooperates with a crypto exchange in accordance with the real-name system. Those who ignore this condition are deprived of the possibility to deposit national currency into their bank account and will only be able to withdraw funds.


Six months after the regulator’s decision, only four largest exchanges in the country provided users with the possibility to transform accounts into the verified ones. Moreover, only about half of the clients of these trading platforms have fulfilled the requirements of the authorities to date.


Some crypto exchanges began to stimulate the users to open verified accounts. The Bithumb platform has lowered the daily withdrawal limit by 10% for clients who have not identified themselves. The Upbit exchange encouraged those who have opened verified accounts and distributed approximately 100 million Korean won to traders.


The country's banks reserve the right to further restrictions on the servicing of crypto traders, which may be related to the funds’ withdrawal.


As previously reported, Hanwha Insurance, a South Korean company, will offer crypto exchanges insurance services against the funds theft.

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regulation Korea