Banks in South Korea to Report Crypto Exchange Data to Local Authorities

[mlawson71]

Financial authorities in South Korea are attempting to find all crypto exchanges operating in the country by demanding customer data from all local banks. Even information on corporate accounts is being demanded and banks’ monitoring methodologies are being demanded.
In the meantime the country is also implementing new severe cryptocurrency regulations as a response to the big spike of interest in this industry. One of the more important new rules is that all exchanges in the country are to maintain a bank account under the name of each individual user they have. As a result many small exchanges are struggling since they have trouble finding a banking partner, but the big exchanges like Bithumb, Upbit, Korbit, and Coinone are doing well.
Source
South Korean authorities are clearly pretty serious about cracking down on money laundering through cryptos, it seems.