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Korean Banks Received $14.7M From Crypto Exchanges For Name Verification

Korean Banks Received $14.7M From Crypto Exchanges For Name Verification
  • Korean banks received a commission from crypto exchanges for real-name verification.
  • They received around $14.7M.

Korean banks have received a commission from crypto exchanges for real-name verification.

According to Hye-won Han, a local news reporter, commercial banks that provide real-name verification accounts to users of crypto exchanges have more than doubled their fees in the second quarter of this year than in the first quarter.

In addition, data from a member of the National Assembly’s Political Affairs Committee, Yoon Chang-Hyeon, says that banks have signed contracts with cryptocurrency exchanges. These exchanges include Upbit, Bithumb, Coinone, and Korbit.

More so, Chang-Hyeon noted that the banks received a total of 16.97 billion won in commissions for the quarter. It is worth around $14.7m. “This is more than double the 7.55 billion won ($6.5m) in the first quarter,” the Yonhap News agent reported.

The news agency said that the rise shows that Korean investors are still active despite a weak market. Also, By bank, K-Bank received $4.5m in the first quarter and $10.5m in the second quarter from Upbit exchange.

Moreover, Bithumb and Coinone also pay commission to the banks. According to reports, the two exchanges have contracts with the agricultural bank Nonghyup Bank. Meanwhile, Korbit has a contract with Shinhan Bank.

Korea’s Financial Intelligence Unit said exchanges have until September 24 to register, or they will be shut down. “They must fulfill certain requirements, including partnerships with banks for real-name registration and approval for their “know-your-customer” processes,” the regulator added.

Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.