Cryptocurrency traders in South Korea may feel relieved after this information. The second largest South Korean bank, Shinhan, has decided to support cryptocurrency exchanges. Since some months, South Korea is living in an undecided path about how to regulate cryptocurrencies. Governmental agencies and enterprises are taking different and confuse decisions regarding the cryptocurrency world.
Shinhan Bank Accepts Cryptocurrency Exchanges
The biggest bank and most important financial institution in South Korea, Kookmin Bank, has decided not to support cryptocurrency exchanges. The bank does not provide virtual bank accounts to cryptocurrency investors. Kookmin cut any link with cryptocurrency exchanges, leaving many traders out of the cryptocurrency market.
This is one of the main reasons why Shinhan Bank will now support cryptocurrency exchanges. This is an interesting opportunity to capitalize an important number of cryptocurrency traders that were left out of the cryptocurrency market by Kookmin.
The cryptocurrency exchange Korbit, has announced that it was going to accept deposits and withdrawals from Shinhan Bank instead of Kookmin Bank. The statement uploaded by Korbit about this information reads as follows:
“To use the new KRW deposit method, which is slated to be implemented within this month, you must have a Shinhan Bank account registered under your legal name. Please use this time to create a banking account at Shinhan Bank. We will follow up with further instructions on how to input the new KRW withdrawal account information on Korbit.”
Besides that, traders using Korbit exchange have become relieved about the possibility of a cryptocurrency trading ban. During the last weeks, there was mixed information about a trading ban in the Asian country.
South Korea Trading Ban Illegal
The agency of consumer protection in South Korea (FCA) explained that the ban of virtual currencies is illegal. The FCA commented:
“The government has yet to establish the legal grounds over related laws for consumer protection, in particular in the cryptocurrency market. Who is to blame for lots of negative news about the craze in the cryptocurrency market? It does not make any sense that markets and investors should take responsibility.”