Major Korean Exchanges Secure Real-Name Account Arrangements With Local Banks

Major Korean Exchanges Secure Real-Name Account Arrangements With Local Banks


Leading cryptocurrency exchanges in South Korea have reached agreements with Korean banks to maintain the issuance of real-name accounts, media reports revealed. The deals, although not yet permanent, will allow the trading platforms to register with financial authorities before the Sept. 24 compliance deadline.

Bithumb, Coinone and Korbit Maintain Partnerships With Korean Banks

Banks have reportedly agreed to keep issuing real-name accounts for South Korea’s top digital asset exchanges. The arrangements will still need to be finalized but the received confirmations will allow the coin trading platforms to complete their registration with the country’s financial authorities before the regulatory deadline expires later this month.

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On Wednesday, a spokesperson for Nonghyup Bank revealed the institution has agreed to extend deals to issue real-name accounts for traders at Bithumb and Coinone. According to a report by the Korea Jongang Daily, the representative confirmed the bank will provide the exchanges with the documents needed to finalize their contracts.

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