Korean Crypto Exchange Korbit Halting Deposits from Non-Citizens

South Korean cryptocurrency exchange Korbit has barred non-citizens from depositing local currency – the Korean won – on its platform. Korbit stated in an announcement that its virtual account service will be terminated this month in order to introduce accounts attached to users' identities, as recently ordered by local regulators in a move aimed to calm speculation in the crypto markets, as well as money laundering. As part of that shift, foreign nationals will no longer be able to deposit funds to their accounts.

The firm said:

"If you are not a Korean citizen, the KRW deposit to the domestic virtual currency exchange will be stopped when you switch to the new KRW deposit method in January. [This] applies to both domestic residents and non-residents."

Korbit added that foreigners will not be allowed to deposit Korean won "at any domestic cryptocurrency exchanges" when the new system is implemented. According to reports, the government has previously indicated it would ban non-resident foreigners and minors from trading cryptocurrencies. Early this month, South Korea announced it would begin implementing the new regulations banning anonymous cryptocurrency exchange accounts on or around Jan. 20.

The proposal essentially strengthens know-your-customer (KYC) rules already in existence for exchanges and banks, and will require cryptocurrency exchange users to connect a bank account with identifying information in order to deposit or withdraw funds. Last week, local financial authorities stated that cryptocurrency investors would face fines if they did not switch their virtual accounts to ones with identities attached.

Chuck Reynolds

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