{"id":8935,"date":"2021-06-29T23:54:31","date_gmt":"2021-06-29T23:54:31","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/korean-crypto-exchanges-consider-suing-government-over-banking-requirements\/"},"modified":"2021-06-29T23:54:31","modified_gmt":"2021-06-29T23:54:31","slug":"korean-crypto-exchanges-consider-suing-government-over-banking-requirements","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/korean-crypto-exchanges-consider-suing-government-over-banking-requirements\/","title":{"rendered":"Korean Crypto Exchanges Consider Suing Government Over Banking Requirements"},"content":{"rendered":"<p><strong>All cryptocurrency exchanges in South Korea except the largest four may be unable to meet the bank account requirements needed to stay in business. A number of Korean crypto exchanges are considering suing the government and financial authorities, claiming that the country\u2019s crypto law is unconstitutional.<\/strong><\/p>\n<p>A number of exchanges are currently considering filing a lawsuit against the government and the financial authorities alleging the country\u2019s crypto law is unconstitutional, Business Korea reported Monday.<br \/>\nThe revised Act on Reporting and Use of Certain Financial Transaction Information requires cryptocurrency exchanges to submit a document by Sept. 24 showing that they have a real-name account issued by a bank.<br \/>\nHowever, banks in South Korea are reluctant to provide a real-name service to cryptocurrency exchanges due to money-laundering concerns.<br \/>\nSeveral banks, including NH Bank and Shinhan Bank, are conducting risk assessments on the country\u2019s largest cryptocurrency exchanges: Upbit, Bithumb, Coinone, and Korbit.<\/p>\n<p><!-- growjs zone placement 31 -->   <!-- end of growjs zone placement --> <\/p>\n<p>However, no banks are willing to work with smaller crypto exchanges. Therefore, a large number of exchanges are expected to be forced to shut down.<br \/>\nOne exchange told the publication:<\/p>\n<p>These days, banks are refusing to initiate their cryptocurrency exchange verification processes without clear reasons and most exchanges are failing to get a chance to prove themselves. The Financial Services Commission needs to step in right away.<\/p>\n<p><em><strong>What do you think about Korean exchanges suing the government over the bank account requirements? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nRegulation, bank accounts, korean bitcoin, korean crypto, korean crypto exchanges, korean cryptocurrency, korean government, Lawsuit, real-name accounts, South Korea, Suing, unconstitutional<\/p>\n","protected":false},"excerpt":{"rendered":"<p>All cryptocurrency exchanges in South Korea except the largest four may be unable to meet the bank account requirements needed to stay in business. A number of Korean crypto exchanges are considering suing the government and financial authorities, claiming that the country\u2019s crypto law is unconstitutional. A number of exchanges are currently considering filing a&hellip;<\/p>\n","protected":false},"author":0,"featured_media":8936,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8935"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8935"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8935\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8936"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}