The South Korean crypto exchange Bithumb again resumed registration of new investors, after integrating the mandatory procedure for user identification (KYC – “know your customer”), meeting the new legal requirements.
On its official page, Bithumb reported that since February 9, investors are required to undergo verification. You can confirm your identity using the accounts at Nonghyup Bank and Shinhan Bank.
The innovation appeared 10 days after the official ban on anonymous trade in crypto-currencies in South Korea. According to CoinDesk, the Financial Services Commission (FSC) obliged all crypto-exchange exchanges in the country to introduce a procedure for identification of identity for all customers through bank accounts until January 30.
At the end of December, a decree was issued that all local banks should stop opening new virtual accounts for users of crypto-exchange exchanges.
Integration of KYC means that existing and new investors registered with Bithumb can resume trading in compliance with regulatory requirements.
But it seems that some platforms are faced with a problem when moving to a new system. For example, the Coinpia exchange had to stop trading due to difficulties in integrating the verification system with local banks.
According to the Korean news agency Yonhap, banks have the right to refuse servicing to small and medium-sized exchanges, and cooperate only with large platforms such as Bithumb, Upbit, Coinone and Korbit.