There is a possibility that over 200 known cryptocurrency exchanges will be closed. Due to the revision of the Specific Financial Transaction Information Act (Special Law), cryptocurrency exchanges must enter into a contract for issuing a real name confirmation deposit and withdrawal account with a bank.
Accordingly, the prospect that the business may close down excluding only some of the four major cryptocurrency exchanges that currently have a real-name authentication account alliance with banknotes is raising their heads.
According to the financial sector on the 25th, most banks that can issue real-name confirmation deposit and withdrawal accounts to virtual asset providers said that they have “no plans” and “no internal discussions” regarding whether or not a new alliance will be established.
Banks that can issue real-name authentication accounts to cryptocurrency exchanges are KB Kookmin, Shinhan, Hana, Woori, SC Cheil, Citi, IBK, Sh Suhyup, DGB Daegu, BNK Busan, Gyeongnam, Gwangju, Jeju, Jeonbuk Bank and Kakao. There are a total of 17 locations including Bank and K-Bank.
In the case of commercial banks, Kookmin, Hana, Woori, SC Cheil, and Citibank have stepped up in the direction of not entering into partnership agreements with cryptocurrency exchanges such as issuing real-name deposit and withdrawal accounts. Shinhan Bank, which has an alliance with Corbit, said, “Because we are jointly considering the screening criteria for cryptocurrency exchanges, there is no set whether to issue real-name authentication accounts for new exchanges.”
Nonghyup Bank, which is affiliated with Bithumb and Coinone, is also in a position that “it is not reviewing new contracts (with other cryptocurrency exchanges) at the moment.” And said. Suhyup Bank also replied, “There is no plan.”
K Bank, which enjoyed the effect of the partnership with Upbit, is not reviewing the issuance of real-name deposit and withdrawal accounts with new cryptocurrency exchanges, and Kakao Bank also said that there is “no plan”.
Cryptocurrency exchanges that have not partnered with major banks are knocking at local banks as well, but the atmosphere is not easy. An official from a local bank replied, “There are many requests for partnership from cryptocurrency exchanges, but no contract has been made.” DGB Daegu, BNK, Busan, Gyeongnam, Gwangju, Jeju, and Jeonbuk Bank officials all said, “There is no plan,” or “I reviewed it, but decided not to show interest.”
According to the Special Money Act, cryptocurrency exchanges must report virtual asset business operators to the financial authorities by September 24th. To this end, requirements such as information security management system (ISMS) certification and real name verification deposit/withdrawal account must be met.
Currently, only four major cryptocurrency exchanges, including Upbit, Bithumb, Coinone, and Kobit, use real-name accounts contracted with banks, and all small and medium-sized exchanges except for these are using collection accounts. All four major exchanges have signed real-name authentication account issuance contracts from June to July, but it is analyzed that the contract is likely to be extended until now.
The problem is that with cryptocurrency exchanges that are using collection accounts, the fire has fallen on their feet. Of course, cryptocurrency exchanges can operate without using a real-name authentication account, but they cannot exchange cryptocurrency and money. The competitiveness as an exchange will inevitably decrease.
Although banknotes are skeptical of account issuance agreements, some cryptocurrency exchanges that have met the guidelines set by individual banks are likely to succeed in alliance dramatically. An official from a banking sector said, “Of course, we are preparing for issuing a deposit and withdrawal account with real name verification internally.” He said.
However, it is clear that the current banknote has a strong atmosphere that it does not even want to partner with cryptocurrency exchanges to issue real-name authentication accounts. This is because of the anxiety that if an accident occurs at a cryptocurrency exchange, the bank may overturn it.
Another banking official said, “I think I am anxious about the anti-money laundering (AML) rather than the profits from affiliation with cryptocurrency exchanges. Asked.
