Coinone-KakaoBank Real-Name Partnership Renewal Talks Near Completion

Discussions to extend the won deposit and withdrawal agreement for one year are nearing completion, ensuring regulatory compliance and operational continuity for the South Korean exchange.

Woofun AI reports that South Korean cryptocurrency exchange Coinone is likely to extend its real-name account partnership with KakaoBank for an additional year, as discussions to renew the won deposit and withdrawal agreement near completion. The current partnership, which began in November 2022 after switching from NH NongHyup Bank, is set to expire in mid-August. KakaoBank has reportedly been reviewing a one-year extension, a process that included an on-site inspection of Coinone’s operations in May.

Under South Korean financial regulations, cryptocurrency exchanges must partner with a licensed bank to provide real-name account services for won deposits and withdrawals, a requirement aimed at enhancing transparency and preventing money laundering. The renewal is critical for Coinone’s continued operations, as the absence of real-name account services would prevent fiat currency transactions, significantly impacting its user base and trading volume. This stability reinforces Coinone’s competitive position against major exchanges like Upbit and Bithumb within the regulated South Korean market.