Altcoin News: Banks in South Korea Began to Place High Demands on Crypto Exchanges

July 29, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Four cryptocurrency exchanges from South Korea are faced with tightening the requirements of banks, writes local media.

According to the BChain portal, the Bithumb, Upbit, Coinone and Korbit exchanges are required to extend their accounts, but because of the recently introduced rules of the Financial Action Task Force on Money Laundering (FATF), banks require them to implement more robust anti-money laundering mechanisms.

Until recently, local banks, including ShinHan, NongHyup and IBK, extended their accounts “every 6 months without any objections”. With the release of the FATF management, banks were assigned additional responsibility for money laundering, and therefore they “began to place high demands” on cryptocurrency exchanges starting this month.

“In order to meet this standard, small and medium-sized trading sites that lack operating costs are likely to disappear from the market,” said a representative of one of the major local exchanges on condition of anonymity.

Information that ShinHan Bank intends to tighten control over the accounts of cryptocurrency exchanges, appeared at the beginning of the month.

Author: Marko Vidrih