U.S. Authorities Asked Korean Banks To Share Bitcoin Trading Data

Recently, Korean regulators were asked by the State Department of Financial Services U.S. to share information of cryptocurrency transactions of 6 commercial banks in North Korea.

On Friday, the Financial Services Department asked Korea’s Financial Supervisory Service and Financial Intelligence Unit last week to share the results of a probe of Industrial Bank of Korea, KB Kookmin, Korea Development Bank, NH Nonghyup, Shinhan and Woori banks. The purpose was to find out if they following anti-money-laundering regulation standards.

It also asked to see the banks’ internal regulations on cryptocurrency dealings. A government official said:

“There’s a lot of concern from foreign governments about the regulations being imposed on the cryptocurrency trade. With the Korean government conducting on-site inspections and establishing guidelines, financial regulators in New York seem to be gathering information for research purposes.”

There is also a thought, that U.S. state authorities want to find out, if North Korea uses bitcoin trading for money laundering.