South Korean Crypto Traders Remain Anonymous

February 8, 2018

On January 30, a ban of anonymous cryptocurrency trading in South Korea has come into effect. It requires from users of local crypto exchanges to enter their real identities. However, after a week of coming into force the new rule has not influenced cryptocurrency market much. In fact, only 8,2% of all cryptocurrency exchanges users have entered their real names in previously anonymous accounts.

At the moment, only six large South Korean banks are compliant with Know Your Customer (KYS) guidelines, and only 3 of them are serving cryptocurrency exchanges: Industrial Bank of Korea (IBK), Nonghyup Bank and Shinhan Bank.

According to the report of Yonhap agency, the total amount of account of customers of these banks engaged in cryptocurrency trading is 1,75 million, However, in only 143,330 of these accounts users entered their real identities this week.

IBK has the largest share of users, which together with a cryptocurrency exchange Upbit has 570 thousand relevant virtual accounts. At the moment, only 12,46% of these accounts are not anonymous. 

Speaking about other banks, Shinhan Banks transformed 9,84% anonymous accounts of Korbit exchange, and Nonghyup Bank has transformed 8,67% of Coinone accounts and 5,22% of Bithumb accounts.

Yonhap suggested that the slow pace of deanonymization is caused by the unwillingness of users to enter their real identities due to a deep correction of the cryptocurrency market.

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