South Korea

New Cryptocurrency Exchanges Launch in South Korea Amid Regulations

· 12 Feb 2018 in Crypto News, Home
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

New regulations arise every single day in the Asian Country. But this does not mean that new cryptocurrency exchanges can’t appear. A number of new cryptocurrency exchanges are launching in South Korea amid regulatory challenges imposed by the government. Since regulations started to be effective, banks have only been working with the four largest cryptocurrency exchanges in the country.

New Cryptocurrency Exchanges in South Korea

The cryptocurrency craziness around the world is unstoppable. At least in South Korea, where new cryptocurrency exchanges are opening even when there is an inability to accept fiat deposits. Traders must use real name accounts to deposit money for trading activities using cryptocurrency exchanges.

At the moment, six major banks are able to service cryptocurrency accounts. But they have been converting the virtual accounts opened by traders to real-name accounts for the most important cryptocurrency exchanges in the country – Bithumb, Upbit, Coinone and Korbit.

Another cryptocurrency exchange named Zeniex announced that it was going to start providing service on February the 12th. But the launch has been delayed due to the current regulatory framework. The exchange is expected to support different cryptocurrencies like Bitcoin, Bitcoin Cash, Ether, Ethereum Classic, Litecoin, Quantum, Eos, Bytom and 0x.

Zeniex Chief Executive Officer Choi Kyung-joon said:

“It is currently difficult to provide our complete services due to delays in issuing real-name bank accounts for trading. Despite these circumstances, we have decided to go ahead with the launch to service our customers who have been waiting for our opening.”

Right now, users can only trade cryptocurrencies using bitcoin. The banks are putting restrictions on fiat deposits and withdrawals as well as taking time to confirm real-name bank accounts.

Another cryptocurrency exchange known as Dexko will start accepting pre-registration of users. The launching date is expected to be on March 15. This exchange will support 10 of the most known cryptocurrencies in the market. The exchange commented that they are working hard in order to reduce customer inconvenience. Besides that, it has also explained that they are working to complete all the legal and systematic requirements to start with the operations soon.

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