January 30, 2018 09:32
Six Korean banks begin allowing simultaneous opening of accounts and deposits and withdrawals for cryptocurrency trading on Tuesday, but with some new restrictions.
Investors will now be required to convert their virtual bank accounts to real-name accounts to continue trading. Deposits and withdrawals are allowed only between real-name bank accounts and matching crypto-exchange accounts within the same bank. The banks include Shinhan, KB Kookmin and NH Nonghyup.
The move comes as the government scrambles to curb speculative trading and possible money laundering through cryptocurrency deals.
The Financial Services Commission says it will closely monitor trading that exceeds W1 million a day or W2 million a week (US$1=W1,070). It will also watch accounts owned by corporations or groups, while reporting any suspicious activity to the authorities.
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