Real-name trading of cryptocurrency enforced starting 30th

Starting today,… six Korean banks will begin
allowing the simultaneous opening of accounts, deposits and withdrawals for cryptocurrency
trading,… as well as transfers of funds between such accounts — but with some new
rules. Investors will now be *required to convert
their virtual bank accounts to real-name accounts in order to continue trading. Deposits and withdrawals are allowed only
between those real-name bank accounts and matching crypto-exchange accounts within the
same bank. Banks with the services include Shinhan, Kookmin,
Nonghyup and Industrial Bank of Korea. And all this,… as the Korean government
continues to crackdown on speculative trading and possible criminal activities. The Financial Services Commission says it
will closely monitor crypto trading that exceeds one-million won, or some nine-hundred U.S.
dollars a day, or 18-thousand dollars a week. It will also watch accounts owned by corporations
or groups, while reporting any suspicious activity to the authorities.

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