Upbit switches deposit and withdrawal services to K Bank

Upbit, a crypto exchange, will open won deposit services in partnership with K Bank on Tuesday. Deposits and withdrawals through existing Industrial Bank of Korea real-name accounts and exclusive accounts for withdrawals will only be available until 10 a.m. on July 24, and foreign investors will be restricted from using the won deposit and withdrawal service afterwards. Upbit announced that it would join hands with K Bank to open a won deposit service last Friday. Limited to individual Korean members, existing Upbit members (including real-name account holders) and new members can apply for pre-booking services, which will ensure the smooth use of won deposit and withdrawal services and secure stability of new systems. However, existing members with large transactions and deposits of digital assets in Upbit will be able to start using the new won deposit and withdrawal services without making a pre-booking. The pre-booking period started last Friday and will be open until further notice. The new service will be made available through KakaoTalk messages in the order pre-booking applications were made starting Tuesday. Once you receive the message, you can register your K Bank account and deposit won. Existing real-name account holders from the Industrial Bank of Korea must also register a new K Bank account to start the service. Deposit and withdrawal through existing IBK real-name accounts and withdrawal-only accounts is only available until 10 a.m. on July 24. Any member who wishes to withdraw must do so before then. After that, money can only be deposited and withdrawn from K Bank's real-name account, and foreign members will be restricted from using the won deposit and withdrawal service. "We have discussed with various banks to reflect the investors' demands. Existing members may face some inconvenience, but we ask you to connect to the K Bank account," an Upbit official said. "The biggest concern when providing real-name accounts to cryptocurrency exchanges is the issue of Anti-Money Laundering (AML), which we solved with Bonanza Factory,” a K Bank official said. “Through K Bank-Bonanza Factory-Upbit cooperation, we have provided new real-name accounts to Upbit." Established in Jan 2017, Bonanza Factory provides anti-money laundering (AML) and fraud detection system (FDS) filtering services. Earlier this year, the company applied for a financial regulatory sandbox program conducted by the Financial Services Commission and completed a consignment test.

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