S. Korea to Ban Anonymous Trading From 30.01.18

Now for the purchase or sale of cryptocurrency, each trader is required to identify himself with the help of a bank account
23 January 2018   567

The authorities of South Korea tightened the rules of cryptocurrencies trading on local exchanges. The innovations will come into force on January 30, Reuters reports citing the statement of the Financial Services Commission.

Now each trader must identify himself with the help of a bank account to buy or sell a cryptocurrency. In this case, the name of the owner of the cryptocurrency account must coincide with the name of the owner of the bank account, otherwise, the transactions will be prohibited.

It is also reported that six local banks will be connected to the real name registration system.

Everyone knew this was coming, as the government already said they will enforce the real-name system before. Rather, I can see this as a chance to go in, not out. I don’t see any reason to take my money out.


Bitcoin Investor from South Korea

Local bitcoin investors call the government's move expected but do not believe that it will entail an outflow of the country's crypto-currency investments.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   83

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.