Busan Bank, "Partnership with Cryptocurrency Exchanges, Decided to Cancel" Final Decision

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[Asia Economy Reporter Kiho Sung] BNK Busan Bank has made the final decision not to issue real-name accounts to cryptocurrency exchanges. Since exchanges require real-name verification accounts by September under the Act on Reporting and Using Specified Financial Transaction Information (Special Financial Transactions Act), market restructuring centered on major exchanges is expected to accelerate.

According to the financial sector on the 10th, Busan Bank recently reviewed partnerships for issuing real-name accounts with several cryptocurrency exchanges and decided not to issue real-name accounts. A Busan Bank official stated, "Although there are advantages such as securing accounts and fees, we judged that the risks, including concerns about money laundering, are greater."

Under the Special Financial Transactions Act, cryptocurrency exchanges must report to financial authorities as virtual asset service providers by September 24. To obtain business approval, they must meet requirements such as Information Security Management System (ISMS) certification and real-name verified deposit and withdrawal accounts, making partnerships with banks essential.

Among the approximately 60 cryptocurrency exchanges currently operating domestically, only the 'Big 4' exchanges?Upbit, Bithumb, Korbit, and Coinone?have obtained real-name accounts. Therefore, small and medium exchanges have been focusing on forming partnerships with banks for real-name accounts.

However, even these four companies must obtain a real-name verified deposit and withdrawal account confirmation letter through bank evaluation to report under the Special Financial Transactions Act. Bithumb and Coinone are partnered with NH Nonghyup Bank, Upbit with K Bank, and Korbit with Shinhan Bank.

This content was produced with the assistance of AI translation services.