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   669

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 Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.