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Korean Crypto Exchanges Paid $14.7M to Banks for Name Verification Services: Report
Exchanges have to set up partnerships with banks for real-name verification by Sept. 24.
Updated Sep 14, 2021, 1:37 p.m. Published Aug 10, 2021, 11:25 a.m.
South Korean banks' revenue from real-name verification services to crypto exchanges more than doubled in the second quarter to 16.97 billion won (US$14.7 million), the Yonhap News Agency reported.
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- That's up from 7.55 billion won ($6.5 million) in the first quarter, Yonhap said, citing a Korean financial watchdog.
- The increase indicates that Korean investors were still active despite a weak market, the news agency said.
- In the second quarter, Korea's biggest crypto trading platform, Upbit, paid 12.07 billion won ($10.5 million) to online bank K-bank, Yonhap said.
- Bithumb and Coinone have contracts with agricultural bank Nonghyup Bank, and Korbit with Shinhan Bank.
- Exchanges have until Sept. 24 to register with Korea's Financial Intelligence Unit or be shut down. In order to register, they must fulfill certain requirements, including partnerships with banks for real-name registration and approval for their "know-your-customer" processes.
- Major banks are reportedly reluctant to provide such services to crypto exchanges because of potential accountability risks.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
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- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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