Email from Korbit (Virtual Accounts from Sinhan)

[Guest]

I am posting this and will continue to share information as I get it. There is much confusion regarding regulation in Korea and I want to help reduce the confusion. Today I received this email from Korbit, an exchange in South Korea. 

Quote

Restriction on New Virtual Deposit Accounts

Per industry-wide regulations announced by the Korean government on December 28th, 2017, we will temporarily halt issuing of new virtual deposit accounts from Shinhan Bank.

When: From 23:30 KST on December 29th, 2017

Impact: New virtual deposit accounts from Shinhan Bank will no longer be issued.

If you have already issued a KRW virtual deposit account from Shinhan Bank, your KRW deposit or withdrawal requests will not be restricted. However, there may be additional regulatory impact on KRW deposit or withdrawal requests in the future.

We will continue to work closely with the regulators and banking institutions to prepare a fully-compatible platform that safely processes KRW deposits and withdrawals in accordance with the new regulation.

Thank you.

So, what exactly does this mean. 

When you join Korbit, Shinhan Bank creates and hosts a bank account that you send fiat to and from. This account is your fiat (KRW) wallet. 

Shinhan will not be making new accounts for new Korbit members. The existing members' accounts will continue to be used but will be subject to regulations as they are formed. 

So, if you hear of any FUD regarding Shinhan and bank accounts, please refer folks here. Nothing is closing, nothing is being blocked or disabled. 

This email is from the horse's mouth! 

I will continue to provide information from direct sources as I get them. 

 

Edited December 29, 2017 by Guest