South Korean Crypto Exchange Korbit Limits Deposits from Foreigners

As a part of its steps to comply with the new South Korean digital currency exchanges framework, South Korean Crypto exchange Korbit limits deposits from foreigners. What awaits crypto market in the future?

22 January, AtoZForex One of the most popular cryptocurrency exchanges in South Korea, Korbit, has made an announcement for its users. The digital currency exchange has decided to restrict non-citizens from depositing the Korean Won on its platform.

South Korean Crypto Exchange Korbit Limits Deposits from Foreigners

Cryptocurrency exchange Korbit has stated in the announcement that its virtual account service will be canceled this month. The exchange does this in a bid to introduce accounts linked to users’ identities. As a part of the latest change by Korbit, foreign investors will not be able to deposit fund into their accounts. The official announcement from Korbit states:

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"If you are not a Korean citizen, the KRW deposit to the domestic virtual currency exchange will be stopped when you switch to the new KRW deposit method in January. applies to both domestic residents and non-residents."

Korbit has also added that foreigners will not be able to deposit Korean national currency "at any domestic cryptocurrency exchanges" when the new regulatory system will be in place.

South Korean Cryptocurrency Exchanges Regulation

The actions of Korbit are in line with the recent developments in South Korean cryptocurrency market. The domestic regulators have set out the rules for local cryptocurrency exchanges to abide by. South Korean authorities are aiming to curb speculation in the cryptocurrency markets.

According to the online reports, the South Korean government has previously planned the cryptocurrency trading ban aimed at foreign investors and minors. In the beginning of this month, the country has announced it looks into implementing the new framework that bars anonymous cryptocurrency exchange accounts around the 20th of January.

The idea would contribute to solidifying know-your-customer (KYC) rules that are already in place for banks and exchanges. Moreover, the new regulatory approach will require cryptocurrency exchange users to link a bank account with all the identifying information to be able to trade.

Earlier last week, South Korean financial authorities have stated that digital currency investors will face fines if they won’t provide all the necessary information to authorities.

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