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

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Tue, 11/09/2018 - 13:55
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South Korea to Ban Deposits For Crypto Investors Who Avoid Real-Name Verification
Cover image via U.Today
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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.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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