KakaoBank has extended by 1 year its contract with cryptocurrency exchange Coinone for real-name verified deposit and withdrawal account services.
KakaoBank said on Aug. 19 it completed procedures to extend the real-name verified deposit and withdrawal account service contract with Coinone.
The two companies completed internal procedures for the extension and signed the contract, and Coinone also finished a prior reporting procedure with the Financial Intelligence Unit (FIU).
KakaoBank and Coinone link their anti-money laundering (AML) framework and fraud detection system (FDS) to operate a risk management framework related to real-name accounts.
The two companies run a regular consultative body. They have also taken part in a consultative group to draft real-name account operating guidelines for virtual assets and in an FIU-led consultative body.
A KakaoBank official said, "We have extended the real-name verified deposit and withdrawal account service contract with Coinone." The official added, "We will continue to foster a stable environment for virtual asset trading based on close cooperation."
Ji-young Lee
ljy@d-today.co.kr