South Korean Crypto Traders Remain Anonymous
February 8, 2018
On January 30,
At the moment, only six large South Korean banks are compliant with Know Your Customer (KYS) guidelines, and only 3 of them are serving cryptocurrency exchanges: Industrial Bank of Korea (IBK), Nonghyup Bank and Shinhan Bank.
According to the report of Yonhap agency, the total amount of account of customers of these banks engaged in cryptocurrency trading is 1,75 million, However, in only 143,330 of these accounts users entered their real identities this week.
IBK has the largest share of users, which together with a cryptocurrency exchange Upbit has 570 thousand relevant virtual accounts. At the moment, only 12,46% of these accounts are not anonymous.
Speaking about other banks, Shinhan Banks transformed 9,84% anonymous accounts of Korbit exchange, and Nonghyup Bank has transformed 8,67% of Coinone accounts and 5,22% of Bithumb accounts.
Yonhap suggested that the slow pace of deanonymization is caused by the unwillingness of users to enter their real identities due to a deep correction of the cryptocurrency market.