Shinhan Bank Issues Real-Name Verified Deposit and Withdrawal Account Confirmation to Korbit... Contract Renewal to Proceed Later

[Asia Economy Reporter Kwangho Lee] Shinhan Bank has issued a real-name verified deposit and withdrawal account confirmation letter to the cryptocurrency exchange Korbit.

A Shinhan Bank official stated on the 8th, "We issued the real-name verified deposit and withdrawal account confirmation letter to Korbit today," adding, "The contract extension will be carried out later based on the contract extended until the 24th of this month."

NH Nonghyup Bank also reported to the board on the same day about extending the contract for issuing real-name verified deposit and withdrawal accounts with Bithumb and Coinone, and with no objections, the issuance was decided. Nonghyup Bank plans to proceed with re-contracting with the exchanges and issue the confirmation letters on the same day.

Under the Act on Reporting and Using Specified Financial Transaction Information (the Specified Financial Information Act), cryptocurrency exchanges and related businesses 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 of this month for business registration.

If not reported, coin-to-coin transactions can continue, but transactions in Korean won will not be possible. It was anticipated that if Korean won transactions become impossible on cryptocurrency exchanges, it would become difficult to convert coins into cash, effectively leading to closure.

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