South Korea to Ban Deposits For Crypto Investors Who Avoid Real-Name Verification

  • Yuri Molchan
    📰 News

    In January Korean state agencies initiated a passport-name account policy for crypto asset trading firms. However, just about 50% of traders changed their profiles to it


South Korea to Ban Deposits For Crypto Investors Who Avoid Real-Name Verification

 

Back in January, South Korean state agencies initiated a passport-name account policy for crypto asset trading firms. However, just about 50 percent of traders changed their profiles to it, on the top four exchanges of the country. Traders who avoid using their passport names can only take out profits in Korean won, they cannot top their trading profiles.

Now the local government plans to spread this measure on all exchanges in South Korea, local papers report.

This initiative is meant to make crypto transactions more transparent and minimize illegal activities to do with criminal profits.

Cover image via u.today
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About the author

Yuri has worked in crypto since 2017. A translator, quickly became a crypto enthusiast. He has worked for several Telegram channels covering cryptocurrencies. Currently is a news writer, covering crypto and blockchain-related topics.

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