South Korean Banks Drop Crypto Accounts as Government Plans a Ban

These South Korean Regulators have announced that there is a plan to ban banks from activities involving cryptocurrencies so that they can announce to major banks in the country that they will not issue necessary accounts for crypto trading. This is the effect of South Korea's top Bitcoin exchanges, including Bithumb, Coinoneand Korbit. The banks announced include Shinhan Bank of Korea Development Bank and Industrial Bank of Korea.

Crypto bans planned for banks, minors and foreigners"

This South Korean government is organizing daily meetings to discuss the cryptocurrency regulation. Its local publications in Wednesday have been told that regulators have planned to ban banks from activities related to cryptocurrencies. According to AFP

Its Prime Minister's Office said that Seoul imposes restrictions on dealing with virtual currencies, including keeping financial institutions in the form of buying, possessing or keeping them in collateral.

Bank losing the crypto account”

This is the first Wednesday announcement when regulators have imposed a ban on virtual bank accounts.

The major government and commercial banks of these countries promptly announced that they would stop issuing new virtual bank accounts for cryptocurrency exchanges. It is also canceling some existing accounts; it has been said in Arirang News's report.

Major bank jumping ship"

Among the banks which have decided to stop the issuing of virtual accounts in banks, Shinhan Bank, Korea Development Bank (KDB), Industrial Bank of Korea (IBK), Woori Bank, KB. Kookmin Bank and KBB Hanna Bank are included.

Shinhan bank, which exchanges virtual accounts for Bithumb and korbit, will not issue new virtual accounts, but it will not cancel existing accounts, according to Kyunghyang Shinmun, in the news this November. Bitcoin com. Told about starting a cryptocurrency custody service.

These State-run KDBs who exchange virtual bank accounts for Coinone, announced that it will close all businesses associated with cryptocurrency transactions, including Bitcoin, from January next, Business Korea said on Wednesday.

SOURCE - https://news.bitcoin.com/south-korean-banks-crypto-accounts-government-plans-a-ban/?=OneSignal