South Korea Banned Cryptocurrency Trading With Anonymous Accounts


after Japan and US, South Korea is the third
largest market for Bitcoin. As a form of regulation, the country’s government
is banning the use of anonymous bank accounts to trade crypto. So, while cryptocurrency transactions have
not been actually banned, the country is saying traders must attach an identity to their transactions. This move is the country’s effort at preventing
the use of crypto for nefarious activities or crimes like money laundering, black market
trades, human trafficking and other organized crimes. Why this news is of importance is due to the
fact that the country caters to the third largest Bitcoin market in the world. As a result, regulations and decisions such
as this that affects crypto can have an effect on market price of coins. The ban is expected to be in full force come
30th January. Those who wish to continue trading must now
link their anonymous crypto wallets to their bank accounts opened in their own name, and
also have their identities verified. In addition to banning anonymous trading,
the South Korean government also banned underage persons from trading and foreigners from opening
a crypto account in the country.

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