Bithumb has begun accepting new investor records after the integration of mandatory "true identity client" (KYC) procedures.
On the main page, Bithumb said that since February 9, investors on the platform will be able to verify their true identity with accounts in Nonghyup Bank. The company explained in detail that the integration of KYC with Shinhan Bank is also continuing.
Integration took place only 10 days after officially banning anonymous virtual trade accounts in South Korea. The Financial Services Commission (FSC) of the country has determined that all cryptographic money exchanges in the country must provide real name verification procedures to all its customers through local banks by January 30th.
Bithumb did not accept a new member
Local banks have announced the decision to stop opening new virtual accounts to register in the crypto money exchanges they announced in late December. The integration of KYC means that current and new investors registered in Bithumb can continue their trades in accordance with the rules of the commission.
A decision to influence the small and medium-sized stock exchange
Other platforms are said to be unable to easily switch to the new KYC procedures. Coinpia, a smaller stock exchange, had to stop its trade and deposits because it could not integrate the verification system with local banks.
According to a recent report by the Korean news agency Yonhap, South Korean banks can reject small and medium-sized crypto money platforms and continue their way with only large stock exchanges such as Bithumb, Upbit, Coinone and Korbit.
