Korean crypto exchanges are considering suing the government over banking requirements – regulation Bitcoin News

All of the cryptocurrency exchanges in South Korea except the largest four may not be able to meet the bank account requirements needed to stay in business. A number of Korean crypto exchanges are considering suing the government and financial authorities, claiming the country’s crypto law is unconstitutional.

  • A number of exchanges are currently considering filing lawsuits against the government and financial authorities alleging the country’s crypto law is unconstitutional, Business Korea reported Monday.
  • The revised Act on Reporting and Use of Certain Financial Transaction Information requires cryptocurrency exchanges to submit a document by September 24th stating that they have a real name account issued by a bank.
  • However, banks in South Korea are hesitant to offer a real-name service to cryptocurrency exchanges due to money laundering concerns.
  • Several banks, including NH Bank and Shinhan Bank, conduct risk assessments on the country’s largest cryptocurrency exchanges: Upbit, Bithumb, Coinone, and Korbit.

  • However, no banks are willing to work with smaller crypto exchanges. Therefore, it is expected that a large number of exchanges will be forced to close.
  • An exchange told the publication:

Today, banks refuse to initiate their cryptocurrency exchange verification processes for no clear reason, and most exchanges don’t get a chance to prove themselves. The Financial Services Commission must intervene immediately.

What do you think of Korean exchanges suing the government over bank account requirements? Let us know in the comment section below.

Tags in this story

Bank Accounts, Korean Bitcoin, Korean Crypto, Korean Crypto Exchanges, Korean Cryptocurrency, Korean Government, Lawsuit, Real Name Accounts, South Korea, Lawsuits, Unconstitutional

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