Three South Korean Banks Stop Working With the Nation’s Crypto Exchanges
CoinEdition
Published May 26, 2021 08:01AM ET
Updated May 26, 2021 08:30AM ET
Three South Korean Banks Stop Working With the Nation’s Crypto Exchanges
- Three Banks in South Korea have stopped working the country’s crypto exchanges.
- The Bank’s decisions came as a result of South Korea’s new regulations.
- The Banks are Woori Financial Group, KB Financial Group, and Hana.
According to a report, about three South Korean native Banks have stopped operating with the nation’s crypto exchanges. Of note, The Bank’s strict decision on the exchanges came due to the country’s severe and unfriendly regulatory environment.
To mention a few, the aforementioned Banks include Woori Financial Group, KB Financial Group, and Hana. Moreover, the banks again emphasized that the South Korean regulations mainly air unfavorable conditions towards crypto exchanges.
Under South Korea’s new regulation, all the crypto exchanges operating in the country have to file banking contracts for legal prosecution.
Specifically, the South Korean new regulations have not yet started; instead, it will lar...
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