New Crypto Exchanges Launch in South Korea despite Lack of Fiat Deposit.
Many new crypto currency exchanges are launching in South Korea even though they are not providing full service because of the new regulatory problems. The Korean government also made it obligatory for the real-name system on crypto currency accounts, banks have only been providing fiat deposit services to the largest crypto exchanges in the country. There are many crypto currency exchanges that are operating in South Korea even though the regulatory has not been fully legalized and it cannot accept fully authorized deposits.
This problem came about when the new system started in 30th January. With this law, crypto currency traders are supposed to use accounts that have real names to deposit money for trading with crypto exchanges. While six major banks have the ability to service cryptocurrency accounts, they “have been converting only existing virtual accounts to real-name accounts for four large cryptocurrency exchanges”. This was clearly stated by Bithumb, Upbit, Coinone, and Korbit.
Zeniex is a new cryptocurrency exchange which began its operations 2 days ago. The company claimed that they were supposed to launch a month ago but this was delayed because of the new regulations by the Korean government to calm the cryptocurrency market. Their services will include bitcoin, bitcoin cash, ether, ethereum classic, litecoin, quantum, eos, bytom, and 0x. Publications also added that with the bank issues, traders can only buy and sell cryptocurrency with bitcoin, this is because of the new regulation of real name bank accounts.
There is another crypto exchange called dexko which announced that it will start accepting pre registration of users who want to launch their own cryptocurrency exchange on the 15th of March. The exchange is also expected to support 10 cryptocurrencies namely bitcoin, ether, bitcoin cash, litecoin, and ripple. Registrations are to be done on the website which commence from 5th February to 25 February.
There are also two Chinese exchanges that also plans to join the South Korean market. This is mainly because china is banning cryptocurrency so therefore they are closing down the market. They are planning to trade more than 60 cryptocurrencies.