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.
That followed the ruling that domestic banks must stop issuing new virtual accounts to cryptocurrency exchanges, announced in late December.
The KYC integration means existing and new investors registered on Bithumb are able to resume trading in compliance with the commission’s rules.
Yet it appears that not every platform is finding it easy to transition to the new KYC procedures. A smaller exchange, Coinpia, had to halt trading and deposits after it failed to integrate the verification system with local banks.
According to an earlier report from Korea’s news agency Yonhap, banks in South Korea may reject small- to mid-sized cryptocurrency platforms and only integrate with major exchanges such as Bithumb, Upbit, Coinone and Korbit.
Editor’s note: Some statements have been translated from Korean.
User registration image via Shutterstock