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Author Topic: South Korea’s Second Largest Bank Supports Cryptocurrency Exchanges  (Read 28 times)
alyssa85
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January 28, 2018, 02:13:57 PM
 #1

https://bitcointobanks.com/blog/2018/01/20/developers-in-the-desert-googles-oasis-for-startups-in-dubai/

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Shinhan Bank Will Support Cryptocurrency Exchanges

Kookmin Bank, the biggest financial institution in South Korea, has decided not to support cryptocurrency exchanges and provide virtual bank accounts to cryptocurrency investors. On South Korean trading platforms, each investor is provided with a virtual bank account with which they can withdraw and deposit Korean won, without having to directly move funds from and to actual bank accounts.

Over the past few weeks, local investors were concerned with the abrupt decision of Kookmin Bank to close down virtual bank accounts launched on South Korean cryptocurrency exchanges. Many traders feared that other banks would follow the decision of Kookmin Bank and simply cut financial links to cryptocurrency exchanges.

Earlier this week, Korbit told its users and traders that by the end of January, the exchange will begin accepting deposits and withdrawals from Shinhan Bank accounts instead of Kookmin Bank accounts. The statement sent by Korbit to its users read:

As previously announced, in order to comply with the identification and anti-money laundering regulations being enforced by the government, the current KRW deposit method will be terminated by the end of January 2018.

”To use the new KRW deposit method, which is slated to be implemented within this month, you must have a Shinhan Bank account registered under your legal name. Please use this time to create a banking account at Shinhan Bank. We will follow up with further instructions on how to input the new KRW withdrawal account information on Korbit.”

Without banking Korbit would have been in a Bitfinex type situation. Luckily they have avoided that...

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January 28, 2018, 05:48:32 PM
 #2

https://bitcointobanks.com/blog/2018/01/20/developers-in-the-desert-googles-oasis-for-startups-in-dubai/

Quote
Shinhan Bank Will Support Cryptocurrency Exchanges

Kookmin Bank, the biggest financial institution in South Korea, has decided not to support cryptocurrency exchanges and provide virtual bank accounts to cryptocurrency investors. On South Korean trading platforms, each investor is provided with a virtual bank account with which they can withdraw and deposit Korean won, without having to directly move funds from and to actual bank accounts.

Over the past few weeks, local investors were concerned with the abrupt decision of Kookmin Bank to close down virtual bank accounts launched on South Korean cryptocurrency exchanges. Many traders feared that other banks would follow the decision of Kookmin Bank and simply cut financial links to cryptocurrency exchanges.

Earlier this week, Korbit told its users and traders that by the end of January, the exchange will begin accepting deposits and withdrawals from Shinhan Bank accounts instead of Kookmin Bank accounts. The statement sent by Korbit to its users read:

As previously announced, in order to comply with the identification and anti-money laundering regulations being enforced by the government, the current KRW deposit method will be terminated by the end of January 2018.

”To use the new KRW deposit method, which is slated to be implemented within this month, you must have a Shinhan Bank account registered under your legal name. Please use this time to create a banking account at Shinhan Bank. We will follow up with further instructions on how to input the new KRW withdrawal account information on Korbit.”

Without banking Korbit would have been in a Bitfinex type situation. Luckily they have avoided that...


I would really thankful to you too share in this forum bro. I have read this information today in Cyptonews Telegram channel but forgot share with the details, but you done the part which makes the people more faith on the bitcoin's future growth.

They have already invested on the crypto currencies for 2.3 million USD today. I hope bump we noticed because of that alone.

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alyssa85
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January 29, 2018, 02:27:33 PM
 #3

Some more news on South Korea - it looks like people are registering and doing KYC in their own names:

https://twitter.com/CryptoOfKorea/status/957813712294903808

Quote
Over 3 million Koreans (1/17 of total population) have created KYC bank -> exchange accounts according to the financial authorities and commercial banks. The virtual currency trading real name system will be implemented on January 30th.

That is a LOT of people complying with the new rules.

Here is a Korean language article on what is happening (use Google translate to help you read it):

http://www.yonhapnews.co.kr/bulletin/2018/01/27/0200000000AKR20180127033700002.HTML

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