Major Korean crypto Exchanges establish Real-Name Account Arrangements With Local Banks
Major crypto exchanges of South Korea secured their arrangements with the local banks to sustain their operations even after the 24 September deadline.
As we know, South Korea regulators imposed a new restriction on all crypto exchanges running their operations in South Korea. All crypto firms are required to have certification from ISMS and have real account name issuance by local banks. But most of the banks found failed to comply with the new guidelines because the time period available to complete all the requirements is very short.
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But a latest report says that major crypto exchanges finally succeeded in establishing their services even after 24 September.
Few days back, most of the exchanges failed to get arrangements from Local banks, while they were under compliance with all other regulation rules. But now verbally they got approval by Korean banks.
On Wednesday, a spokesperson for Nonghyup Bank, said that Bank institutions are agreeing to extend their services for crypto exchange Bithumb and Coinone to give real name account services.
The report also claimed that, it is just only approval by the bank that the bank agrees and everything will happen smoothly without interrupting the operations of the Exchanges. But all the documentation based work remains and will be done soon.
Similarly, Shinhan Bank announced it’s issue of real-name accounts for Korbit crypto exchange continuously.
“Whether we are extending the partnership will be announced before the Sept. 24 deadline, but for now we are holding that off for later”
Right now, most of the small crypto exchanges fail to get certification of Information Security Management System (ISMS) and also Bank support to comply with the Korean regulatory rules.
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