Korean Financial Regulators Against Money Laundering

South Korean financial regulators will verify domestic banks whether the banks have fully complied with the new verification rules for crypto exchanges  
09 April 2018   483

Three domestic banks are inspected by South Korean financial regulators over their compliance with recently introduced anti-money laundering rules for cryptocurrency exchange accounts. The Financial Services Commission (FSC) and the Financial Intelligence Unit (FIU) will conduct on-site inspections on the NongHyup, KB Kookmin and KEB Hana banks from April 19 to 25.

At the beginning of this year the FSC forbade domestic banks from offering virtual, anonymous accounts to cryptocurrency exchange customers from February in a bid to prevent money laundering and illegal capital outflow via cryptocurrencies. Since that prohibition NongHyup, KookMin, Shinhan, KEB Hana, IBK, and JB have been developing their implementations of the new procedures, three of which will be inspected later this month.

The essence of the inspection will be if the banks have fully complied with the new real-name verification rules for cryptocurrency exchanges in South Korea. Moreover,  the FIU also urged other financial institutions not included in the inspection this time to conduct their own checks in an effort to comply with the new anti-money laundering and real-name verification guidelines.

Binance to Change Launchpad IEO Rules

Binance is going to implement the lottery format for the next tokensale campaign
25 March 2019   13

Binance announced a change in the format of the next tokensale on the Launchpad platform to a lottery. At the same time, the number of lottery tickets per account will depend on the size of the steak in the BNB for 20 days before IEO.

Note that one account can get up to 5 lottery tickets. Winners will be selected by randomizer.

BNB Balance to Lottery Tickets Ratio
BNB Balance to Lottery Tickets Ratio

It is noteworthy that within 20 days before the lottery, the BNB-deposit snapshot will be carried out daily at 0:00 UTC to monitor the fulfillment of the conditions.

Each winning ticket will grant the right to purchase tokens for a fixed amount in BNB equivalent. As soon as the user informs the exchange that he is ready to use a certain number of tickets in case of their winnings, this obliges him to purchase tokens and the money will be debited automatically.

Binance acknowledged that the price of BNB may fluctuate due to daily snapshots, and its potential decline may not be covered by the benefit from the new token, and encouraged users to make informed decisions.

In addition, Changpeng Zhao urged the community to comment on the new format in a separate Twitter thread in order to make the necessary feedback-based changes, if needed.

During the Celer Network tokensale on the Launchpad platform again had bandwidth problems; many people did not manage to purchase tokens.