Digital asset exchange Korbit has extended its partnership contract with Shinhan Bank for real-name verified deposit and withdrawal accounts by 1 year. The move is seen as maintaining core infrastructure for operating a won market and preparing for future market changes ahead of the expected allowance of corporate virtual asset trading.

The virtual asset industry said on Jan. 5 that Korbit in December last year extended its contract with Shinhan Bank for issuing real-name accounts by an additional year. That means Korbit has maintained its real-name account partnership with Shinhan Bank for 8 consecutive years since 2018. Korbit confirmed that its real-name account contract with Shinhan Bank has been extended by 1 year.

Under the current Act on Reporting and Using Specified Financial Transaction Information, virtual asset service providers (VASP) must secure a partnership with a bank for real-name verified deposit and withdrawal accounts to provide won trading services.

The FIU has been reviewing Korbit’s VASP renewal since October 2024. Among the 5 major exchanges, Upbit was the first to complete acceptance of its renewal filing. Korbit has become the second subject of review after Upbit, and financial authorities are not disclosing a specific timing.