South Korea: Anonymous Bank Accounts for Cryptocurrency Trade Will be Banned

South Korea: Anonymous Bank Accounts for Cryptocurrency Trade Will be Banned

South Korea has banned the use of anonymous bank accounts for the purchase and sale of cryptocurrencies, due to the fact that the virtual money can be used for money laundering and other crimes with ease.

Local traders are no longer allowed to make virtual currency deposits into their accounts, if their names, which are in the bank accounts, do not correspond with the name of the account in the exchange offices.

Earlier, the regulator announced that it will develop detailed recommendations for local banks to identify their clients properly when trading with cryptocurrency in future.