South Korean financial regulators are looking into the massive amount of foreign remittances of cash that came from crypto exchanges.
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Category: Shinhan Bank
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South Korea’s largest bank joins Hedera Governing Council
Shinhan Bank plans to use Hedera’s infrastructure to bolster the efficiency of many of its internal processes.
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Major Korean Bank Clamps Down on Accounts Linked to Crypto Exchanges
One of South Korea’s biggest banks is reportedly planning to intensify regulations on accounts linked to crypto exchanges
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Korean Crypto Exchange Bithumb Suspends Opening New Virtual Accounts
Bithumb has suspended issuing new virtual accounts to crypto traders starting on August 1 after failing to renew the contract with its bank. These accounts are part of the real-name system enforced by the Korean government earlier this year. Only three exchanges in the country are now reportedly able to open new virtual accounts for […]
The post Korean Crypto Exchange Bithumb Suspends Opening New Virtual Accounts appeared first on Bitcoin News.
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South Korea’s Crypto Regulation Shakeup: New Bureau, Agreement With China
South Korea’s top financial regulator is planning a major organizational restructuring that includes introducing some new crypto policy initiatives. A bureau dedicated to financial innovations that include cryptocurrencies is being set up. In addition, an agreement with Chinese authorities relating to crypto and initial coin offerings has also been reached. Meanwhile, the contracts between Korean […]
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100+ Crypto Exchanges in South Korea – Government’s Real-Name System Ineffective
There are reportedly more than 100 exchanges in South Korea, most of which are not using the government’s real-name system. None of the small and medium-sized exchanges can use this system since banks have opted to only provide this service to the country’s largest exchanges. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space 30% […]
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Korea’s Mandatory Crypto Real-Name System Neglected – 19% Conversion Rate
South Korea’s real-name system for cryptocurrency trading has been enforced for over a month, but most accounts have not been converted to the new system. Banks are still not converting accounts for most crypto exchanges and the government will not force them or investors to use the new system. Also read: Indians Look to Buy Bitcoin […]
The post Korea’s Mandatory Crypto Real-Name System Neglected – 19% Conversion Rate appeared first on Bitcoin News.
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South Korea Ends Anonymous Cryptocurrency Trading Today
The new South Korean cryptocurrency account system has entered into force nationwide today, ending the current practice that allowed for anonymous trading of cryptocurrencies. Traders must open real-name accounts at the same banks as their exchanges in order to deposit money to trade cryptocurrencies. Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies […]
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South Korean Banks Reverse Decisions on Cryptocurrency Accounts
South Korean banks have backtracked from their decisions to stop servicing cryptocurrency accounts as crypto investors protested and the government re-discussed its policy. The country’s 6 major banks have been told that they must follow through with the original plan and install the system that would end the anonymous trading of cryptocurrencies. Also read: South Korea […]
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Strict Regulations Force South Korean Banks to Stop Servicing Cryptocurrency Exchanges
Following the inspections of six major banks this week, South Korean regulators have uncovered some inadequate internal controls for handling cryptocurrency exchanges. Given the government’s strict rules, some banks have decided to stop providing services to cryptocurrency exchanges instead of overhauling their systems further to comply with the regulations. Also read: South Korea Urges 23 Countries, […]
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