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.