Bithumb exchange restarts recruiting

Bithumb has started accepting new investor registrations following the integration of mandatory “real identity customer” (KYC) procedures.

In a statement on its homepage, Bithumb will share the real identity of investors on the platform with accounts at Nonghyup Bank as of February 9. Said they could confirm. The firm detailed its ongoing KYC integration with Shinhan Bank as well.

The integration came just 10 days after it officially banned anonymous virtual trading accounts in South Korea. The country’s Financial Services Commission (FSC) has stated that all cryptocurrency exchanges in the country must introduce real-name verification procedures to all customers through local banks by January 30.

Bithumb has not been accepting new members for a while

The decision of local banks to stop opening new virtual accounts for registration on cryptocurrency exchanges announced in late December. KYC integration means that existing and new traders registered with Bithumb can continue to trade in accordance with the rules of the commission.

A decision that will affect small and medium-sized exchanges

Easy to new KYC procedures of other platforms They are said to be unable to pass. A smaller exchange, Coinpia, was forced to halt trading and deposits as it was unable to integrate its verification system with local banks. they can reject cryptocurrency platforms and only continue their way with major exchanges such as Bithumb, Upbit, Coinone and Korbit.

Coindesk