Korea to Approves Banks Working With Exchanges

Head of Financial Services Commission of South Korea believes that opening of virtual bank accounts to South Korean cryptocurrency exchanges should be limited
31 October 2018   188

Opening of virtual bank accounts to South Korean cryptocurrency exchanges should be carried out according to general rules and cannot be limited. This was stated by the head of the Financial Services Commission of South Korea (FSC) Choi Jung-Ku, according to CCN.

There exists no issue in banks providing virtual bank accounts to cryptocurrency exchanges. If digital asset trading platforms have KYC and AML systems in place, there is no problem in issuing virtual bank accounts to exchanges.

Choi Jung-Ku

Financial Services Commission of South Korea, Head

Mister Choi hadn't said anything regarding minning farms, minning equipment manufacturers and sellers and their relations with banks.

The FSC statement was positively assessed by representatives of the South Korean blockchain association, which includes several Bitcoin exchanges. In their opinion, this will allow to solve the problem that arose in January, when the government of the country obliged cryptoexchanges to transfer information about the transactions of their clients to banks.

In June, FSC tightened the rules on anti-money laundering relating to the activities of cryptocurrency exchanges. According to the amendments, banks that serve the exchanges are obliged to control the movement of both funds in the accounts of traders and own assets of cryptocurrency sites.

Bitmain to Deny Jihan Wu is Out

Yesterday news that mister Wu left the post of chairman of the board of directors appeared
15 November 2018   85

Bitmain Bitcoin has denied rumors that its head Jihan Wu left the post of chairman of the board of directors. This is reported by CCN.

News that Jihan Wu and three other functionaries withdrew from the board of directors of the company appeared the day before. According to one version, Wu entered into an unspoken confrontation with Bitmain co-founder Micree Zhang, since he is focused on developing products in the field of AI and chip production.

It was also stated in reports of local publications, Wu moved to the position of Bitmain supervisor and lost his right to vote in the decision-making process of the board of directors, in connection with which he will no longer be able to influence the management of the company.

In a letter to CCN, Bitmain marketing manager Nishant Sharma confirmed that the board of directors of the company had undergone personnel changes, but the information that Jihan Wu had left the post of chairman called fake. He also denied the departure of other members of the board.

As is standard listing practice, Bitmain is restructuring its board and group structure, to ensure it meets regulatory requirements on its road to IPO. This is to simplify the board structure to facilitate its management. There have been no board departures and co-founder Jihan Wu will continue to lead the company as co-chair, together with co-chief executive officer, Micree Zhan.

Nishant Sharma

Marketing maneger, Bitmain

Bitmain filed an official application for an IPO on the Hong Kong Stock Exchange in September.