Banks Working With Crypto Exchanges Approved By Choi Jong-Ku
Banks Working With Crypto Exchanges – The commissioner of the Financial Services Commission (FSC) of South Korea, Choi Jong-Ku, has said again that there are no issues related to compliance and security in the process of banks providing virtual bank accounts to local cryptocurrency exchanges.
According to CCN, Choi Jong-Ku, speaking at the state affairs audit conducted by the government of South Korea to determine the progress of all government agencies and commissioners in the nation, emphasized that as long as cryptocurrency trading platforms are well equipped with Know Your Customer (KYC) and Anti-Money Laundering (AML) systems, digital asset platforms will be able to obtain banking services from the country’s commercial financial institutions.
Choi 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,”
In South Korea, crypto exchanges employ a system called virtual bank accounts that enable users to deposit and withdraw the South Korean Currency instantly.