Decision to Accept Report from FIU on the 1st of This Month
[Asia Economy Reporter Gong Byung-sun] Domestic cryptocurrency exchange Korbit announced on the 20th that it will implement the Customer Identification Program (KYC) starting from 11 a.m. on the same day. KYC refers to a system under the Act on Reporting and Using Specified Financial Transaction Information, where cryptocurrency exchanges verify the identity of trading customers to prevent money laundering.
All customers using Korbit must complete the customer identification process to be able to trade cryptocurrencies and deposit or withdraw cryptocurrencies and cash. If the customer identification process is not completed, trading and deposits/withdrawals of cryptocurrencies in the KRW market will be restricted.
This procedure will be applied simultaneously to both existing and new members without any grace period for certification. All pending orders submitted before the KYC implementation time will be collectively canceled at the time of KYC enforcement. Only members who have completed identity verification and registered a real-name deposit/withdrawal account with Shinhan Bank after KYC will be able to place buy and sell orders.
Earlier, on the 10th of last month, Korbit completed the registration as a virtual asset service provider, and on the 1st of this month, the Financial Intelligence Unit (FIU) under the Financial Services Commission decided to approve the registration. Subsequently, Korbit received the registration approval certificate on the 19th.
Oh Se-jin, CEO of Korbit, said, “Since the approval of the virtual asset service provider registration, we have been preparing the necessary systems for KYC without any issues,” and added, “As an official virtual asset service provider, we will support all members to smoothly complete the KYC process and trade cryptocurrencies.”
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