South Korean cryptocurrency trade Bithumb is now accepting new investor registrations following integration of new regulator-mandated “know-your-customer” (KYC) takes.
In an announcement on its homepage, Bithumb said that, starting from Feb.9, investors on the podium will be able to confirm their real identity through accounts at Nonghyup Bank. The unwavering further detailed that KYC integration with Shinhan Bank is also being pursued.
The integration make its just 10 days after a formal ban on anonymous virtual business accounts in South Korea. As reported by CoinDesk, the country’s Financial Professional cares Commission (FSC) had mandated that all cryptocurrency exchanges in the country must make known real-name verification procedures for all customers via domestic banks by Jan. 30.
That realized the ruling that domestic banks must stop issuing new accepted accounts to cryptocurrency exchanges, announced in late December.
The KYC integration means breathing and new investors registered on Bithumb are able to resume trading in compliance with the commission’s ordinances.
Yet it appears that not every platform is finding it easy to transition to the new KYC returns. A smaller exchange, Coinpia, had to halt trading and deposits after it fold up to integrate the verification system with local banks.
According to an earlier check in from Korea’s news agency Yonhap, banks in South Korea may scratch small- to mid-sized cryptocurrency platforms and only integrate with noteworthy exchanges such as Bithumb, Upbit, Coinone and Korbit.
Editor’s note: Some announcements have been translated from Korean.
User registration materialization via Shutterstock
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Disclaimer: This article should not be taken as, and is not have in mind to provide, investment advice. Please conduct your own thorough check out before investing in any cryptocurrency.