NongHyup Bank Extends Real-Name Account Contracts with Cryptocurrency Exchanges Bithumb and Coinone

[Asia Economy Reporter Kiho Sung] NH Nonghyup Bank has decided to extend the contract for issuing real-name deposit and withdrawal accounts (real-name accounts) with cryptocurrency exchanges Bithumb and Coinone.

According to Nonghyup Bank on the 8th, the extension of the real-name verification contract with the two exchanges was reported to the bank's board of directors on the same day. There were no objections from the board, so the issuance was approved.

Accordingly, Nonghyup Bank plans to proceed with the re-contracting with the exchanges and issue confirmation letters on the same day.

Under the Act on Reporting and Using Specified Financial Transaction Information (the Specified Financial Transaction Information Act), cryptocurrency exchanges and related operators must obtain Information Security Management System (ISMS) certification and secure real-name accounts from banks to report to the Financial Intelligence Unit (FIU) by the 24th. If not reported, trading between coins can continue, but transactions in Korean won will not be possible. It was anticipated that if Korean won transactions become impossible at cryptocurrency exchanges, it would be difficult to convert coins into cash, effectively leading to closure.

Additionally, before the 'Travel Rule' for anti-money laundering at cryptocurrency exchanges becomes mandatory in March next year, Nonghyup Bank has requested Bithumb and Coinone to suspend coin transfers between exchanges. Although this measure has not been agreed upon, it is reported that an agreement on alternative measures has been reached.

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