South Korean Crypto Currency Exchanges To Accept Fresh Investors – Blockchain Stocks
A number of Korean exchanges and banks have announced that they will be accepting fresh investors beginning February. CoinOne, one of the largest crypto exchanges and NH, its partnering canap, made the announcement after Korean regulators effected rigorous fresh regulations. The regulations, which became effective on January 30, seek to curb anonymous trading ter the Korean crypto currency industry. To trade crypto currencies, traders are required to open positivo name accounts with banks which also serve their exchanges.
Ter a statement, CoinOne said it wasgoed issuing fresh handelsbank accounts for deposits and withdrawals to its customers and fresh investors. The accounts will be processed by NH canap. “In order to use CoinOne, all users will be required to have an account with NH Handelsbank. Deposits can only be made after the two bankgebouw accounts have bot linked,” said CoinOne. The exchange added that customers who do not have an NH bankgebouw account will be barred from making deposits into their CoinOne accounts. However, the bankgebouw clarified that customers with existing non-verified accounts could still withdraw their funds from the toneel.
Embarking January 30, Korean regulators required banks to embark converting anonymous supuesto currency accounts into real-name accounts. NH Bankgebouw, which is among the six major banks participating ter the fresh system, said it planned to limit the number of conversions for CoinOne to 150,000. The canap has overheen one million such conversions.
Also participating te the system are Gwangju, Hana, Kookmin, Shinhan and IBK banks, which project to commence conversions for their crypto currency exchange vrouwen ter February. Presently, major exchanges like Bithumb and Upbit are banking with NH canap, Shinhan and IBK respectively.
Under the fresh system, puny and mid sized exchanges are set to suffer because banks are not willing to punt fresh accounts. According to the Korean Blockchain Association, they are barred from using their corporate accounts. Before the fresh system wasgoed installed, opening of fresh accounts had bot banned for weeks.
The fresh regulations also require exchanges to share users’ gegevens with banks. The main aim of the regulation wasgoed to brochure foreigners and underage people to engage ter crypto currency trading, while legitimizing crypto currency trading by improving transparency.