Anonymous Cryptocurrency Trading Will Be Banned From 30 January In South Korea

The use of anonymous bank accounts in cryptocurrency trading will be banned from 30 January in South Korea, announced the country’s financial regulator.

The Financial Services Commission said today, that traders will only be able to make deposits in their cryptocurrency exchange wallets if their name matches with their bank accounts.

South Korea is a good area for digital currencies like bitcoin, but country’s financial authorities have made moves to prevent money laundering with using digital currencies.

Last week Bitcoin lost  billions of its market value and dropped below $10,000 as South Korea regulators banned cryptocurrencies.

The financial regulator of the country has said the government has studied the fact of closing down cryptocurrency exchanges, but the presidential office said that an outright ban on trading is only a way to tackle crime.

“The government is still discussing whether an outright ban is needed or not, internally,” a government official who declined to be named told Reuters.