Korean crypto exchanges plan to sue government over banking demands – Bitcoin News

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All cryptocurrency exchanges in South Korea except the big four might not be able to meet the bank account requirements needed to stay in business. A number of Korean crypto exchanges are considering suing the government and financial authorities, claiming the country’s crypto law is unconstitutional.

A number of exchanges are currently considering taking legal action against the government and financial authorities, alleging the country’s crypto law is unconstitutional, Business Korea reported on Monday. Revised law on the reporting and use of certain financial transaction information requires cryptocurrency exchanges to submit a document by September 24 showing they have a real name account issued by a bank . However, South Korean banks are reluctant to provide real-name service to cryptocurrency exchanges due to money laundering concerns. Several banks, including NH Bank and Shinhan Bank, conduct risk assessments on the country’s largest cryptocurrency exchanges: Upbit, Bithumb, Coinone, and Korbit. However, no bank is willing to work with smaller crypto exchanges. Therefore, a large number of exchanges should be forced to close. An exchange told the post:

Banks these days refuse to initiate their verification processes for cryptocurrency exchanges without clear reasons and most exchanges do not have a chance to prove themselves. The Financial Services Commission must intervene immediately.

What do you think of Korean stock exchanges suing the government over bank account requirements? Let us know in the comments section below.

Keywords in this story bank accounts, korean bitcoin, korean crypto, korean crypto exchanges, korean cryptocurrency, korean government, lawsuit, real name accounts, south korea, lawsuit, unconstitutional

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