[Asia Economy Reporter Song Seung-seop] Financial institutions are taking measures to restrict arbitrage using Korea's high Bitcoin prices and the surge in Bitcoin-related overseas remittances.
According to the financial sector on the 19th, Woori Bank has established a monthly limit of $10,000 for the 'UnionPay Quick Remittance Direct Overseas Remittance' service. This service provides real-time, non-face-to-face remittances to individuals holding Chinese UnionPay cards. Previously, remittances of up to $5,000 per day were allowed within an annual limit of $50,000.
A Woori Bank official explained, "We decided to impose restrictions to prevent suspicious non-face-to-face overseas remittance transactions." While branch offices can request supporting documents for suspicious remittances, there are limitations with non-face-to-face transactions, which is why the limit was set.
Other banks are also moving to manage their overseas remittance services. Hana Bank set a daily limit of $10,000 for 'Hana EZ,' which allows non-face-to-face overseas remittances. KakaoBank issued a notice warning of an increase in transactions suspected of money laundering evasion.
As virtual currency prices rise and overseas remittance issues emerge, financial authorities are also taking action. Recently, the Financial Supervisory Service reportedly held a non-face-to-face meeting with heads of foreign exchange departments at commercial banks to discuss issues related to virtual asset overseas remittances.
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