KYC Headaches on the Horizon for South Korean Exchanges

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It pours in South Korean crypto-world when it rains. The few remaining trading platforms that are still functioning have to face new know-your-customer protocol-related pain.

A slew of new regulations that were put in place last week by the Chosun Ilbo is slowing down the country’s largest crypto exchange.

Recent amendments to the Specific Financial Information Usage Act have made it so that existing customers can only trade after they have successfully completed KYC authentication, including ID verification. Customers must clear KYC hurdles in order to trade on the Upbit market-leading exchange. This takes customers up to seven days in best-case scenarios, or three months maximum.

The government appears to have the problem, as Upbit was forced to use slow government administrative computer networks systems to register required paperwork and take photos of documentation like driver’s licenses.

It pours in South Korean crypto-world when it rains. The few remaining trading platforms that are still functioning have to face new know-your-customer protocol-related pain.

A slew of new regulations that were put in place last week by the Chosun Ilbo is slowing down the country’s largest crypto exchange.

Recent amendments to the Specific Financial Information Usage Act have made it so that existing customers can only trade after they have successfully completed KYC authentication, including ID verification. Customers must clear KYC hurdles in order to trade on the Upbit market-leading exchange. This takes customers up to seven days in best-case scenarios, or three months maximum.

The government appears to have the problem, as Upbit was forced to use slow government administrative computer networks systems to register required paperwork and take photos of documentation like driver’s licenses.

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