Korean banks claimed that they have lots of burden in their work so they got temporarily grant of extension of date to give a report on Crypto Exchanges about their operations related to KYC & Anti Money Laundering.
Yonhap News Agency, a local media outlet of Korea reported, Korean banks are facing lots of burden in their work and they are facing time shortage to review the Largest cryptocurrency exchanges. So Korean banks want to postpone the review of issuance contracts related to major cryptocurrency exchange. Korean banks now finally got a temporary grant extension to review the crypto exchanges.
Four Korean banks earlier signed a review to the exchanges regarding Know Your Customer ( KYC) & Anti Money Laundering ( AML) whether they are following perfectly or not and if there is anything wrong with their operations.
Out of the four Korean banks, NH Nonghyup Bank and Shinhan Bank are two banks that have decided to extend the issuance contract with these exchanges.
And the four exchanges that will be reviewed by these banks are Upbit, Bithumb, Coinone, and Korbit.
NH Nonghyup Bank and Shinhan Bank, these two are already working according to Contract and the report which is coming, is indicating that they are in favour with the exchanges for their operations. And it seems these banks will approve these exchanges.
Exchanges that will fail to fulfill the guidelines & criteria of Korean law for cryptocurrency exchange will be revealed by 24 September in the FIU report.
And also a report claimed that exchanges in Korea are facing huge pressure from Financial Authorities regarding protection of investors & preventing illegal activities by their end.