Banks in South Korea have begun to impose higher requirements on cryptocourt exchanges

According to The BChain, Bithumb, Upbit, Coinone and Korbit need to extend their accounts, but because of recent regulations by the Financial Action Task Force (FATF), banks are demanding more robust anti-money laundering mechanisms.

Until recently, local banks, including ShinHan, NongHyup and IBK, have extended their accounts "every 6 months without any objections". With the release of the FATF management team, banks were given additional responsibility for money laundering, and therefore they "began to make high demands" to the exchanges of cryptocurrencies starting this month.

"Because of this standard, small and medium-sized trading floors are likely to leave the market," said a representative of one of the major local exchanges on condition of anonymity.

The information that ShinHan Bank intends to tighten control over the accounts of stock exchanges' cryptocurrencies appeared at the beginning of the month.