However, now users will have to undergo a number of KYC procedures
One of the largest South Korean exchanges – Bithumb has again opened access to registration for everyone, but from now on they need to go through verification without fail. This was reported by CoinDesk.
Starting on this Friday, newcomers to the trading floor are required to perform certain KYC-procedures, as this is required by law. Identification is performed by binding a user account to accounts in banks Nonghyup and Shinhan. Banks, in turn, are forbidden to open accounts for those exchanges, where trades are available and without passing through the process of identity verification.
Unfortunately, not every trading platform is able to implement the KYC-system. The CoinDesk publication noted that the South Korean exchange Coinpia, for example, had to simply stop all trading operations and accept deposits because of problems encountered when trying to implement a system of identification and binding of bank accounts.
South Korean agency Yonhap reported the probability that banks can completely ignore the requests of small and medium-sized crypto-exchange sites, agreeing to the introduction of KYC-system exclusively on large-scale resources. Such as Korbit, Bithumb, Coinone and several others.
We remind you that such difficulties are connected with the tightening of the rules for trading in digital currencies by the South Korean department. It banned trading users until they confirm their identity. Similar requirements apply only to trading on local exchanges.