Banks in South Korea have approval working with crypto exchanges

According to Token Post, Korea's minister of finance or commissioner of Financial Services Commission (FSC) Choi Jong-Ku has reaffirmed no issues exist related to the compliance and security in the process of banks providing virtual bank accounts to local cryptocurrency exchanges.

Choi Jong-Ku said:

“There exists no issue in banks providing virtual bank accounts to cryptocurrency exchanges. If digital asset trading platforms have KYC and AML systems in place, there is no problem in issuing virtual bank accounts to exchanges,”

“Cryptocurrency exchanges, by default, have the right to freely deposit and withdraw funds to and from major banks in South Korea, and an abrupt termination of partnership and services by the bank [in this case Nonghyup] without sufficient evidence or reasoning falls under the breach of contract,”


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