Bithumb, the South Korean cryptocurrency exchange, is now accepting new users to register and use its services after “know-your-customer” (KYC) procedures have been integrated.
Bithumb announced on its homepage that starting with February 9, platform users will be able to confirm their real identity through accounts at Nonghyup Bank. The firm detailed that a KYC integration will be pursued with Shinhan Bank also.
This integration comes in almost 10 days after a formal ban on anonymous virtual trading accounts in South Korea. The country’s Financial Services Commission (FSC) has mandated that all exchanges dealing with cryptocurrencies in South Korea must introduce real- name verification procedures for all customers by the 30th of January.
This followed a ruling made in late December, which stated that domestic banks must stop issuing new virtual accounts to crypto exchanges.
The KYC integration means that new and existing customers registered on the Bithumb platform can resume trading operations which are in compliance with the commission’s rules.
But it seems that not every platform can implement the new KYC procedures so easily. Coinpia, a smaller, had to interrupt all its trading activities after it failed to integrate the required verification system with the local banks.
According to a previous report made by Korea’s news agency Yonhap, banks in South Korea may not accept small to medium sized crypto platforms and may only integrate the procedure with major players in the exchange industry.