Bithumb, Coinone, Korbit secure real name account offers
Major cryptocurrency exchanges Bithumb, Coinone, and Korbit all appear to have made deals with banks that will allow them to survive past the September 24 deadline.
A spokesperson for NongHyup Bank said on Wednesday that the bank had agreed to extend an agreement to issue real name accounts for traders Bithumb and Coinone, confirming that it would provide the relevant documents to exchanges to finalize the contract. The real name account issuance agreements for both exchanges were due to expire on September 24. Although contracts have been renewed every six months in the past, the bank said it could not disclose the terms of the latest contract.
Shinhan Bank also confirmed on Wednesday that it is confirming to Korbit that it will continue to issue real name accounts for the exchange. A spokesperson for the bank, however, said the confirmation document did not formally signify the deal had been extended.
“The partnership extension will be announced before the September 24 deadline, but for now we are holding it for later,” the spokesperson said. “The document was handed in first so the exchange could start its registration process first. This is the confirmation document they need right now to complete the registration.
Wednesday’s announcement appears to suggest that Shinhan Bank will expand its partnership with Korbit, but the bank is likely waiting for Korbit to submit its registration documents to the Financial Services Commission (FSC) before formally confirming that the deal has been extended.
“It is likely that the bank will make a final announcement at the last minute,” another Shinhan Bank source said.
The current real name account partnership between Shinhan Bank and Korbit lasts until September 24.
Under an amendment to the Financial Transaction Information Reporting and Use Act, a local law aimed at preventing money laundering, crypto exchanges have until September 24 to register in as providers of virtual asset services to the Korea Financial Intelligence Unit, an agency under the FSC. responsible for implementing anti-money laundering practices in Korea.
To register, exchanges had to check two boxes. One is to receive a confirmation document from the banks confirming that they will issue accounts on behalf of the genuine cryptocurrency traders.
The other is to obtain the certification of the Korea Internet & Security Agency’s information security management system, ensuring that the exchanges have reached a certain level of information security.
With the addition of Bithumb, Coinone and Korbit on Wednesday, four exchanges have managed to meet both requirements so far.
Upbit, a Dunamu-operated cryptocurrency exchange with the highest volume of transactions in the country, was the first to meet the requirements and registered last month to register with the FSC body. Upbit has joined forces with K bank, exclusively Internet.
After registration, financial authorities could take up to three months to assess the reliability of the documents submitted and approve them, according to a statement released by the FSC on Monday.
BY KIM JEE-HEE [[email protected]]