Four Major Cryptocurrency Exchanges Expected to Do Business As Usual

NH Bank extended its real-name account issuance contracts with cryptocurrency exchanges Bithumb and Coinone on Sept. 8. Shinhan Bank and Korbit finished their preparation to follow suit. The four major cryptocurrency exchanges in South Korea including UPbit are expected to be able to do their business as usual even after Sept. 24.

Until recently, both banks hesitated about contract extension in order to avoid potential money laundering risks. For example, NH Bank asked Bithumb and Coinone to temporarily stop cryptocurrency deposit and withdrawal until their travel rule system is ready. The rule required by the Financial Action Task Force is to ensure cryptocurrency businesses’ awareness of information on those sending and receiving cryptocurrencies.

Under the circumstances, NH Bank, Bithumb and Coinone worked on how to prevent money laundering and found a solution recently. “After reporting to the Korea Financial Intelligence Unit, every identified customer with an identified wallet address can use our services including won market as before,” Bithumb explained.