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