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Banks Based in South Korea Doubled Cryptocurrency Transaction Charge Revenue in Q2

In the second fiscal quarter of this year, three South Korean banks with cryptocurrency exchange contracts allegedly made 14.71 USD million in transaction charges. The Korea Herald reports that Shinban Bank, NH Nonghyup Bank, and K Bank reportedly earned a total of 16.9 billion South Korean won in the second fiscal quarter of this year.

Bitthumb, Korbit, Coinone, and Upbit, i.e., South Korea’s “top four” cryptocurrency exchanged, have joined hands with financial institutions to source consumers’ real identity accounts.

On the basis of information gathered by Yun Chang-hyun, the second fiscal quarter performance happened to surpass the first quarter’s roughly 7 billion South Korean won (or 6.8 million USD) mark, whereby more than doubling transactions in spite of the current fluctuations in the market.

The collected data implied that K Bank’s joint venture with Upbit led to the largest share of 12 billion won (or 10.4 million USD), above 71 percent of the total income. In the initial quarter, the bank had managed to make 5.2 billion won via the cryptocurrency exchange joint venture.

The money generating via NH Nonghyup’s two-party joint venture with Coinone and Bithumb was not as fruitful compared to K Bank’s. Bithumb recorded revenue of 3.1 billion won (or 2.6 million USD) in the second fiscal quarter, while Coinone supplied 1.78 billion won (or 1.5 million USD) throughout the course of the fiscal year.

The Shinhan Bank and Korbit joint venture recorded the lowest revenue of nearly 0.3 million in the previous fiscal quarter. Chang-hyun stressed that the number of consumer accounts in the South Korean market has increased fivefold this year alone.

South Korea experienced a 316 percent rise in the total deposits linked to real identity accounts for cryptocurrency trading, going from 1.7 trillion won (or 1.47 billion USD) last year to 7.08 trillion won (6.15 billion USD) by the end of July this year.

South Korean controllers recently posted a warning addressed to cryptocurrency exchanges, requiring them to voluntarily register with local authorities by the 24th of September. All cryptocurrency exchanges that employ the use of the Korean won, the Korean language, or cater to the Korean market have been issued with a said warning.

The penalty for financial institutions that do not comply with the warning will be facing time in prison for up to five years or be imposed a penalty of up to 50 million won (or 43,500 USD).

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