By Kenny S - Cryptocurrency Speculator - 15-08-2021
Cryptocurrency exchanges paid banks in Korea about $14.7 million for their account name verification services. There are reports that commercial banks have recently raised their costs by twice the amount for charging real-name verification accounts to cryptocurrency exchange users.
Furthermore, according to Yoon Chang-Hyeon, a member of the National Assembly's Political Affairs Committee, banks have made binding deals with Bitcoin (BTC) brokers and exchanges. Some exchanges that are contracted, in particular, include Upbit, Korbit, Bithumb, and Coinone.
Two trusted Bitcoin exchanges Bithumb and Coinone, pay all commissions to the entrusted banks. The pair of crypto exchanges have signed contracts with Nonghyup Bank, whereas Korbit, on the other hand, have an agreement with Shinhan Bank.
Chang-Hyeon went on to say that the banks had received roughly 16.97 billion in the South Korean Won of South Korea, which were entirely from commissions alone within the quarter of the year. The total amount in payment they received from commissions is estimated to be worth $14.7 million. It's reported that the total amount paid in the second quarter is actually more than double that from the first quarter of the year in 2021.
Reportedly, a bank in Korea, K-Bank, has also received over a 50% plus commission increase this year with $4.5 million from Upbit exchange in the first quarter and $10.5 million in the second quarter.
Korean news agency Yonhap News has stated that the latest increase in commissions demonstrates that even with a moderately weakened crypto market today, Korean investors remain just as active.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing firstname.lastname@example.org from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to email@example.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at firstname.lastname@example.org Kind Regards