<p>Korbit, one of the leading cryptocurrency exchanges in South Korea, <a href="https://lightning.korbit.co.kr/notice?noticeId&#61;3biXbmhDPrziClEOUB69FV&amp;page&#61;1" rel="noopener noreferrer nofollow">raised</a> the daily deposit limit for its customers as of 16:00 KST on September 25. This move aligns with the early implementation of the operation guidelines of real-name bank accounts for cryptocurrencies, which is scheduled to be introduced in January next year. Korbit collaborates with Shinhan Bank, utilizing its real-name accounts to facilitate Korean won transactions.</p><h2 id="header-0">User protection and AML</h2><p>The <a href="https://medium.com/&#64;coinness.gl/korean-banks-impose-crypto-exchanges-to-maintain-a-reserve-of-at-least-3b-krw-e930773298b6" rel="noopener noreferrer nofollow">operation guidelines</a> have been established to fortify the protection of virtual asset users and to bolster efforts against money laundering. Financial authorities, the Korea Federation of Banks, and cryptocurrency exchanges have collaborated to initiate these measures at every local exchange starting next January. Meanwhile, exchanges are obliged to maintain reserves in their banks beginning this month, ensuring they are poised to provide compensation for involuntary losses in the event of hacking incidents or system failures.</p><h2 id="header-1">Investor inconvenience and market confusion</h2><p>Since the introduction of the real-name bank account system in 2018, banks and crypto exchanges have had different terms of use and user protection measures, leading to varied deposit and withdrawal limits as well as reserve levels across different exchanges. These inconsistencies have resulted in inconvenience to customers and have sown confusion in the market. In response, the entities in question have agreed to implement a shared set of guidelines for real-name bank accounts from January next year.</p><h2 id="header-2">Daily limit of KRW 300K to KRW 5M</h2><p>With the implementation of these guidelines, Korbit has elevated the current daily deposit limits from KRW 300,000 (approximately $222) and KRW 1.5 million to KRW 5 million. Moreover, once the bank authenticates the user’s transaction purpose — for instance, purchases of KRW 5 million or more in virtual assets in a month following the initial KRW deposit — and verifies the source of the funds, the constrained account can transition to a standard account. This adjustment allows the daily deposit and withdrawal limit of up to KRW 500 million.</p><p>The limitations associated with constrained and standard accounts apply solely to fund transfers between the crypto exchange and the bank. When holders of Shinhan accounts initiate fund transfers to accounts in other banks, the limitations imposed by Shinhan continue to apply.</p><p>Oh Sejin, CEO of Korbit, expressed enthusiasm that the higher deposit limit enabled by the new guidelines would improve investor convenience and draw in new customers. He added that the crypto exchange is committed to collaboration with Shinhan Bank, aiming to enhance user protection and anti-money laundering (AML) measures.</p>

Crypto Exchange Korbit Raises Daily KRW Deposit Limits From 300K to 5M

Daftar Isi

CoinNess Global

Artikel lain yang dipublikasikan pada 26 Sep 2023

Taiwan tightens crypto rules with new guidelines and industry group

Top 3 Coins That Crypto Whales Are Buying: Will You Jump In Too?

Bitcoin has the Largest Asset Value at Lazarus Group

Crypto Investment Products See Sixth Consecutive Week of Outflows

Kraken Secures Regulatory Approvals in Ireland, Spain

Whale Terus Serok SHIB, Harga Token Ini Diprediksi Melesat Ke US$0,001

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!