Korean Traders Do Not Verify Accounts on Exchanges

After the South Korean authorities imposed a ban on cryptocurrency trade using anonymous accounts, 10% of traders did not even switch to real accounts. The fact is that in accordance with the law for anonymous users there are no restrictions on the purchase and sale of tokens. It is only impossible to replenish the account or withdraw funds in fiat money. In accordance with the new requirements, banks issued accounts whose owners can conduct cryptocurrency transactions on the Korbit and Bithumb exchanges. However, such accounts in the largest South Korean banks were opened by only 8.2% of traders.

According to the available information, 1.74 million bank accounts are involved in cryptocurrency trade. After the introduction of restrictions, only 143,300 accounts were verified. Low customer activity and the reluctance of traders to lose anonymity caused the suspension of Coinpia operation – at first the exchange blocked the possibility of replenishing the accounts with fiat funds, and after a while stopped all trading operations. Such step was caused by the fact that the administration of the trading platform was not able to timely fulfill the requirements of KYC regarding the implementation of the system for accounts verification.

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