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.