South Korean cryptocurrency exchange Bithumb again resumed registration of new investors, after integrating the mandatory procedures of customer identification (KYC – “know your customer”), in compliance with new legislative requirements.
On his official page Bithumb announced that, beginning February 9, investors are required to undergo verification. Confirm your identity using the account at Nonghyup Bank and Shinhan Bank.
Introduced 10 days after the official ban on anonymous cryptocurrency trading in South Korea. As reported by CoinDesk, the financial services Commission (FSC) has ordered all cryptocurrency exchanges in the country to introduce the procedure of personal identification for all customers through Bank accounts until January 30.
“Hi, I’m your client. Know me.”
In late December a decree was issued that all local banks must stop open new virtual accounts for users of the cryptocurrency exchanges.
The integration of KYC means that existing and new investors, registered in Bithumb may resume trading in compliance with the requirements of the regulators.
But it seems that some platforms are faced with a problem in the transition to the new system. For example, Coinpia the stock exchange had to stop trading due to difficulties with the integration of the verification system with local banks.
According to Korean news Agency Yonhap, the banks have the right to refuse service to small and medium-sized exchanges, and work only with the major platforms, such as Bithumb, Upbit, Coinone and Korbit.