Leading South Korean crypto exchange successfully completes KYC integration
South Korea’s leading cryptocurrency exchange, Bithumb, has resumed accepting new users following a successful integration on the newly-required real-name trading system, Coindesk has reported.
The company announced earlier today that users of the platform would now be able to confirm their real identity through accounts at Nonghyup Bank. The exchange operator added that it was also working on ‘know-your-customer’ integration with Shinhan Bank.
South Korea’s financial watchdog last month required local cryptocurrency exchanges to switch from virtual trading accounts to real-name ones by January 30. The new requirement was part of the government’s strategy to bolster anti-money laundering controls and curb cryptocurrency speculation.
While it took Bithumb only 10 days to integrate the new system, some platforms have faced more difficulties in complying with the new rules. Earlier this week, smaller crypto exchange Coinpia announced that it was suspending its fiat deposits and its trading operations due to its inability to integrate identity verification into its existing exchange system.
South Korean news agency Yonhap last month published a report, saying that some industry insiders werе predicting that local banks would reject transactions with small and mid-sized exchanges and would like integrate only with the four major digital currency exchanges – Bithumb, Upbit, Coinone and Korbit.