Bithumb Exchange Resumes User Registration
South Korean exchange Bithumb starts registering new traders after integrating user identification system (KYC) in accordance with legal requirements.
On its website, Bithumb reports that starting February 9, investors can verify their accounts through Nonghyup Bank. Verification is also carried out through Shinhan Bank.
The integration of the new system on the Bithumb exchange was carried out 10 days after the entry into force of the new rules, according to which the anonymous trading of cryptocurrencies in South Korea was banned. The Financial Services Commission (FSC) has demanded that all exchanges in the country introduce a procedure to identify the real names of traders through bank accounts.
Banks, in turn, undertake to stop opening virtual accounts used for anonymous trading.
At the same time, not all cryptocurrency exchanges were able to switch to the new system. Some of them use corporate accounts and independently verify users, which while the law allows them to do, others were forced to suspend trading.
According to Yonhap, banks have the right to deny services to small and medium cryptocurrency exchanges and only work with large platforms such as Bithumb, Upbit, Coinone and Korbit..
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