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South Korean Exchange Korbit Stops Serving International Citizens

Just recently news.Bitcoin.com reported on South Korean cryptocurrency exchanges implementing new infrastructure systems that comply with the country’s financial regulations. The enforced verification mechanisms will not allow anonymous users to sign up for a Korean-based digital asset exchange and trading platforms must report customer data. Now this week the Korean crypto-exchange, Korbit, has announced it will stop accepting deposits from international citizens.

Also read: South Korean Officials Caught Trading On Insider Knowledge of Crypto Regulations

New Regulations Require Trading Platforms to Make Infrastructure Changes

South Korean Exchange Korbit Stops Serving International CitizensThere’s been a lot of discussion and reports concerning cryptocurrency regulation in South Korea. This past weekend the country’s Financial Services Commission (FSC) revealed some information about a new ‘real-name’ verification system required for all domestic trading platforms. Now the popular South Korean exchange, Korbit, is halting funds from being deposited on its platform that stems from foreign citizens. Korbit has been operating since 2013 and was founded by Kangmo Kim, Louis Jinhwa Kim, and Tony Lyu. The exchange has a lot of cryptocurrency volume, and over the past 24-hours, it has swapped $135Mn USD worth of digital assets.

KRW Deposits for International Residents Will be Terminated by the End of January 2018

Korbit says the new rules have been applied this month “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, Korbit details.

“To use the new KRW deposit method, which is slated to be implemented within this month, you must have a Shinhan Bank Read More Here