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Korean cryptocurrency exchange Korbit has announced that it has successfully extended its real-name account with Shinhan Bank.
Korbit will resume its deposit services from August 12, 2019. In its official announcement, the exchange said:
“KRW deposit services which was temporarily suspended to protect customers asset from various bank fraud cases will resume from August 12th 09:00, 2019, following successful negotiation with Shinhan Bank.
“Ahead of the re-opening of the KRW deposit service, Korbit will temporarily shut down all services for system maintenance from August 12th 07:00, 2019 to August 12th 09:00.”
Korbit further informed users about the policy changes related to exchange services. It has published revised KRW and Cryptocurrency deposit/withdrawal limit and said that all cryptocurrency withdrawal approval will take up to 48 hours (on business-day basis) for all user levels, effective on August 12th, 09:00, 2019.
TokenPost Korea reported that Korbit has been facing issues in providing deposit services since late May as a number of voice phishing and other frauds have been attempted on its platform.
The company intends to strengthen its internal controls and policies to combat these financial frauds. Korbit also plans to reorganize and reinforce its internal workforce, as well as upgrade its operation through external cooperation with credit rating agencies and AI machine learning specialists. It will also continue to actively cooperate with banks to detect abnormal transactions and prevent money laundering.
The announcement follows recent reports that suggested that Korbit and three other crypto exchanges were finding it difficult to renew their accounts in South Korean banks. The banking institutions are reportedly implementing stricter requirements for crypto exchanges after the new Financial Action Task Force (FATF) guidelines made them legally liable for any detected money laundering activities.
