The new regulations follows the recommendations released by Financial Action Task Force (FATF) on virtual currency regulations. As per the report, South Korean cryptocurrency exchanges Bithumb, Upbit, Coinone and Korbit are subjected to the said stricter norms so as to successfully renew their banking partnerships following the FATF guidance released in June.
As per TheBchain, the guidelines makes the banks providing services to crypto exchanges legally liable in cases of money laundering. An official of a major trading site in Korea commented on the development:
The new FATF guidance invited criticism from privacy advocates in the industry, earlier this month. One aspect that was especially criticized was the “travel rule,” which requires virtual asset service providers to collect and transfer customer information during transactions.
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