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

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

Tue, 11/09/2018 - 13:55

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

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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.

About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.