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Banks that have signed real-name authentication account partnerships with cryptocurrency exchanges, such as K-Bank, Shinhan Bank, and Nonghyup Bank, have recorded about 6.8 billion won in commission revenue in the first quarter of this year. This is a fivefold increase from 1.24 billion won in the fourth quarter of last year. During this period, the amount of money entering or exiting cryptocurrency exchanges from these banks amounted to 64.2 trillion won.
According to the ‘Trends and Fees of Banks Providing Real Name Authentication Account Linking Services for Virtual Asset Exchanges in the Last 3 Years’ submitted by the Office of Democratic Party Assemblyman Kim Byung-wook from the Financial Supervisory Service on the 1st, It turned out to be $41 million. This is an increase of more than 9 times from 562 million won in the fourth quarter of last year.
Nonghyup Bank, which is partnering with Bithumb, earned 1.3 billion won in commission revenue in the first quarter. It nearly doubled from 514 million won in the previous quarter. During the same period, it received a commission of 333 million won from Coinone. Shinhan Bank also earned 145 million won in commission income through partnership with Korbit.
Banks that have signed a real-name verification deposit/withdrawal partnership receive firm banking fees and virtual account usage fees from cryptocurrency exchanges. In the case of K-Bank, it is evaluated that it is a beneficiary of a ‘cryptocurrency frenzy’ by attracting large-scale customers through Upbit. According to K-Bank, the number of customers as of the end of April stood at 5.37 million, an increase of 1.46 million from the end of the previous month.
The amount of deposits and withdrawals made in the name of virtual asset transactions at three banks in the first quarter was 64.2 trillion won. It has already significantly surpassed the 37 trillion won in deposits and withdrawals last year. K-Bank had the largest share with 43.8 trillion won, followed by Nonghyup Bank with 19.6 trillion won and Shinhan Bank with 800 billion won.
Meanwhile, K-Bank, Shinhan Bank, and Nonghyup Bank are reported to be conducting due diligence on cryptocurrency exchanges. In accordance with the Specific Financial Information Act, cryptocurrency exchanges must meet the requirements of ΔInformation Security Management System (ISMS) ΔBank’s real name confirmation, deposit and withdrawal account opening confirmation, etc. must be submitted Failure to report can result in imprisonment of up to five years or a fine of 50 million won.
There are about 60 domestic cryptocurrency exchanges identified by the Financial Services Commission. Among them, 20 exchanges have acquired the information protection management system, and 4 have signed real-name authentication account linkage agreements with banks. As banks are strict about alliance requirements as a risk on money laundering issues, it is expected that only the existing four exchanges will cross the threshold.
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