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Three South Korean Banks Stop Working With the Nation’s Crypto Exchanges

Three_South_Korean_banks_resolve_not_to_engage_with_crypto_exchanges
  • Three Banks in South Korea have stopped working the country’s crypto exchanges.
  • The Bank’s decisions came as a result of South Korea’s new regulations.
  • The Banks are Woori Financial Group, KB Financial Group, and Hana.

According to a report, about three South Korean native Banks have stopped operating with the nation’s crypto exchanges. Of note, The Bank’s strict decision on the exchanges came due to the country’s severe and unfriendly regulatory environment.

To mention a few, the aforementioned Banks include Woori Financial Group, KB Financial Group, and Hana. Moreover, the banks again emphasized that the South Korean regulations mainly air unfavorable conditions towards crypto exchanges.

Under South Korea’s new regulation, all the crypto exchanges operating in the country have to file banking contracts for legal prosecution.

Specifically, the South Korean new regulations have not yet started; instead, it will largely come into force starting September 24, 2021.

Regardless of the regulatory clarity, KB Financial Group mentioned that they would like to “completely cut ties with crypto exchanges”.

They said,

Cryptocurrencies may someday be incorporated into the system, but for now, as there is a risk of being involved in crimes such as money laundering, it is very burdensome to transact. (…) I’m not considering it,” said a senior KB Financial Group official.

Like KB Financial Group, Woori Financial Group officials also stressed that they believe their action on crypto exchanges could be the same as other existing lenders.

Furthermore, the officials even said that the banks are not willing to risk their positions to promote money laundering. At the time of writing, the banks are looking at the side of embezzlement, bankruptcy rehabilitation, suspensions, external hacks, and more associated with crypto exchanges. 

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.