Korean Exchange Bithumb Welcomes New Users
The South Korean currency exchange Bithumb opened registration for new users after the introduction of the “know–your–customer” (KYC) procedure.
At the end of December, the government of South Korea reported on a demand to prohibit the opening of anonymous unverified accounts for users of crypto exchanges. It resulted in the development of laws and regulations, according to which at present registration on the Korean stock exchanges everybody must pass through the KYC.
The developers of the Bithumb reported that from February 9, users are able to verify their profiles via an open account in Nonghyup Bank. Moreover, the report says that the last revisions on the integration of the verification through Shinhan Bank will soon be completed.
The South Korean crypto exchange Bithumb was able to introduce the KYC system within ten days after the official ban of anonymous trading accounts in the whole country.
According to media reports, on January 30, 2018, new legislation was introduced in the country, created by the Financial Services Commission (FSC). It obliges crypto exchanges to introduce the KYC procedure for all the platform users. Thus, for the implementation of trading on the Bithumb, new users, as well as previously registered ones, must pass the KYC necessarily.