Bithumb is accepting new users again, but only Koreans

[alyssa85]

https://www.coindesk.com/korean-exchange-bithumb-is-accepting-new-users-again/

South Korean cryptocurrency exchange Bithumb is now accepting new investor registrations following integration of new regulator-mandated "know-your-customer" (KYC) procedures.

In an announcement on its homepage, Bithumb said that, starting from Feb.9, investors on the platform will be able to confirm their real identity through accounts at Nonghyup Bank. The firm further detailed that KYC integration with Shinhan Bank is also being pursued.

The integration arrives just 10 days after a formal ban on anonymous virtual trading accounts in South Korea. As reported by CoinDesk, the country's Financial Services Commission (FSC) had mandated that all cryptocurrency exchanges in the country must introduce real-name verification procedures for all customers via domestic banks by Jan. 30.

It looks like you need to have an account at an approved bank before you can open an account at Bithumb, and they are using the bank's verification process to identify the bithumb account holder.

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[coupable]

After stealing 500 m$ of NEM token from the Coincheck Inc platform last months (http://fortune.com/2018/01/31/coincheck-hack-how/) and the North Coreean attack of CoinLink (south corean exchange platform) as published here https://cointelegraph.com/news/new-report-north-korean-hackers-stole-funds-from-south-korean-cryptocurrency-exchanges, questions rised about security of cryptocurrencies. So we expect to see those kinds of security measures added to terms of use in exchanges platforms especially for a country like South Korea where the third of the youth population are involved into cryptocurrency investement and trade. As a fast solution, waiting for more security updates that keeps the decentralised anonymous terms, i think it's mandatory to use the traditional Bank measures of security. For Bithumb, what to do with old accounts with non-Korean subscribers?

[alyssa85]

For Bithumb, what to do with old accounts with non-Korean subscribers?

It's not clear what they are going to do. I think accounts will have to be closed because last year the Korean govt banned non-Koreans from the exchanges:

http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=3042036

The Korean government will prohibit minors and foreigners from trading cryptocurrencies in Korea and restrict financial institutions from trading and investing in the relatively new form of asset as scams mushroom and rumors fuel wild price gyrations.