Bithumb and Coinone Complete Issuance of NH Nonghyup Bank Real-Name Account Verification Certificates

Planning to Submit a Report to the Financial Intelligence Unit Soon

[Asia Economy Reporter Gong Byung-sun] Domestic cryptocurrency exchanges Bithumb and Coinone announced on the 8th that they have received real-name account verification certificates from NH Nonghyup Bank.

According to the amendment to the Act on Reporting and Using Specified Financial Transaction Information, cryptocurrency exchanges supporting KRW deposits and withdrawals must meet requirements such as obtaining real-name accounts and Information Security Management System (ISMS) certification from banks by the 24th.

By receiving the real-name account verification certificates, Bithumb and Coinone have fulfilled all the requirements to report to the financial authorities. Both exchanges stated that they plan to report to the Financial Intelligence Unit (FIU) as soon as possible in accordance with regulations and procedures.

Bithumb and Coinone have been in intense discussions with NH Nonghyup Bank regarding the Travel Rule. The Travel Rule refers to the obligation imposed on exchanges to collect information on both the sender and receiver of cryptocurrency transfers to prevent money laundering. Previously, NH Nonghyup Bank requested the two exchanges to suspend cryptocurrency deposits and withdrawals. However, it is reported that both parties have agreed on alternative measures related to the Travel Rule ahead of the issuance of the real-name account verification certificates.

A Bithumb representative said, “After long discussions with NH Nonghyup Bank, we found a solution that minimizes user inconvenience while preventing money laundering risks,” adding, “Customers who complete the customer identification (KYC) and wallet address verification procedures after the report approval will be able to use existing services including the KRW market.”

A Coinone official explained, “By establishing the joint venture ‘Code’ among the three domestic cryptocurrency exchanges (Bithumb, Coinone, and Korbit), we seem to have found a certain compromise,” and added, “We will put more effort into building the Travel Rule going forward.” A Bithumb representative also stated, “We will strive to create a safer and more convenient cryptocurrency trading environment through close cooperation with NH Nonghyup Bank in the future.”

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