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Cryptocurrency exchanges trying to renew contracts with banks for real-name accounts

The four major domestic cryptocurrency exchanges are trying to renew their contracts with banks for real-name account services, with the contracts having expired Tuesday. Under the real-name account system, customers have an account at the same bank that a cryptocurrency exchange uses, and they are able to deposit and withdraw money from that account. Bithumb and Coinone signed deals with NH Bank while Upbit struck a deal with the Industrial Bank of Korea. And Korbit signed a contract with Shinhan Bank. Bithumb and Coinone extend their deals six months NH Bank extended the contract with Bithumb for six months. The cryptocurrency exchange received approval based on eight performance measures reviewed this month. They included: confirmation of customer identity; separation of a company assets and customer deposits and transactions; management of transactions based on users; and following government regulations on cryptocurrency. Bithumb opened an anti-money laundering center and is working with NH Bank to prevent voice phishing. Coinone also met the eight standards and is set to extend the contract with NH Bank. Upbit to extend the contract with Industrial Bank of Korea Upbit is negotiating with the Industrial Bank of Korea to extend its contract. The bank is likely to continue its policy of offering real name account to the members who signed up before it adopted the real name account system. It will not accept new clients. Korbit negotiating with Shinhan Bank Korbit, Korea’s first cryptocurrency exchange, is examining its deal with Shinhan Bank for the extension of the contract. Shinhan Bank suspensed payment for Korbit accounts after the bank received reports of fraud. The suspension is likely to be lifted following the contract extension. Jess’ note After the new Financial Action Task Force (FATF) guidelines for anti-money laundering were released last month, a revision on the law on specific financial transaction information is pending in the national assembly. The revision was expected to pass this month but may not be passed until next year. The four major cryptocurrency exchanges could survive this year thanks to the extension of their contracts.

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