Bithumb Restored New User Registration

Starting from February 9, users can confirm their accounts through the Nonghyup Shinhan bank
09 February 2018   741

South Korean Exchange Bithumb began registering new traders after the integration of the user identification "know-your-customer" system  (KYC) in accordance with the requirements of the law.

Bithumb reports that starting from February 9, investors can confirm their accounts through the bank Nonghyup. Verification through the bank Shinhan is also carried out.

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 anonymous trade in crypto-currencies in South Korea was banned. The Financial Services Commission (FSC) demanded that all exchanges of the country introduce a procedure for identifying real names of traders through bank accounts.

Banks, in turn, pledge to stop opening virtual accounts used for anonymous trading.

At the same time, not all exchanges were able to switch to a new system. Some of them use corporate accounts and independently verify users, which allows them to do the law while others have been forced to suspend trading.

According to the Yonhap edition, banks have the right to refuse to serve small and medium-sized exchanges with crypto currency and work only with large sites, such as Bithumb, Upbit, Coinone and Korbit.

Korean Exchanges to Ban Withdrawal for Unverified Users

This decision was made by Bithumb and Coinone for anti-money laundering policy implementation
18 September 2018   157

Bithumb and Coinone will deprive unverified users of the possibility to withdraw funds, Bitcoin.com reports.

The possibility of withdrawing the crypto currencies to Bithumb will be discontinued on October 1 for corporate market participants. For individual users, this restriction will take effect on October 15. According to the representatives of the exchange, the decision was made to implement the requirements of the anti-money laundering policy.

Representatives of the trading platform stressed that the limitation concerns only the possibility of issuing fiat funds.

The South Korean authorities ordered local crypto-exchanges to verify users in January. Exchange customers can use the so-called "real name system" to convert their accounts into verified and linked to the accounts of banks cooperating with platforms.

However, by now banks have provided this service only to the four largest South Korean exchanges - Bithumb, Upbit, Coinone and Korbit. Moreover, despite the efforts of the government, banks and the cryptoexchanges themselves, only 40-50% of traders took advantage of this service. At the same time, local banks exert pressure on the exchanges, so that the latter more actively comply with the requirements of the anti-money laundering policy.

A similar statement was made by the Coinone Exchange, all unverified users of which will not be able to withdraw Fiat after October 15.