The Shinhan Bank Thursday denied that it has allowed the Korbit cryptocurrency exchange to open real-name accounts with investors.
The statement contradicts Korbit’s announcement that Korbit users can open real-name accounts through the Shinhan Bank. Through the account, they can remit funds or take out funds freely.
However, the Shinhan Bank said its position has not changed, meaning that it would not permit Korbit users to open accounts with the bank. Without the real-name bank accounts, Korbit cannot accept trading from investors.
South Korean banks are extra cautious in opening accounts for cryptocurrency investors. They face a strict guideline from regulators to abide by the anti-money laundering rule, including criminal financing and capital flight overseas. The Korean regulator has de facto blacklisted cryptocurrency exchanges.
