Real-Name Verification For Cryptocurrency Traders In South Korea
On Tuesday the country began to enforce real-name verification measures for cryptocurrency traders as part of government’s moves to shut down speculative trading of digital currencies in the country.
Now investors have to hold an account at the same bank, which is used by their cryptocurrency exchange. This is made for investors to buy more digital currencies.
The movement includes 6 commercial banks: Kookmin Bank, Shinhan Bank, Nonghyup Bank, Industrial Bank of Korea, Kwangju Bank and KEB Hana Bank.
The users, who already hold an account at the same bank as trading platforms can simply sync their account information, but those who trade with different banks must create new accounts for verification purposes.
Users can only withdraw their holdings on the cryptocurrency exchange, without an account from the same bank.
Underage traders and foreign citizens can’t use the real-name verification system to authorize their transactions.
