Bithumb, South Korean Exchange to accept new users again
In an announcement by the South Korean cryptocurrency exchange Bithumb, the platform declared that it will now accept new user registrations following the integration of the recently launched KYC (know-your-customer) feature. The exchange platform shall implement these changes from Feb 2018, wherein Bithumb investors can confirm their real identity via the accounts at the Nonghyup Bank. The cryptocurrency firm also revealed that they are in talks to incorporate with Shinhan Bank also.
The decision to accept new users by Bithumb came just after the formal ban on anonymous virtual trading accounts in South Korea. Additionally, South Korea’s Financial Services Commission (FSC) mandated that the country’s cryptocurrency exchanges should implement the real-name verification procedures for all customers through their domestic banks. This in turn led to the implementation of another regulation, that all domestic banks must stop issuing new virtual accounts to cryptocurrency exchange platforms.
The implementation of the KYC feature has resulted in both new and existing Bithumb users to recommence trading in accordance with the commission’s rules and regulations. However, it is known that not all platforms are able to adopt the newly implemented KYC feature.
This move by Bithumb was made in order to provide its customers with enhanced services wherein they can now trade via the exchange without violating the government rules.
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