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South Korean online bank KakaoBank will open accounts for Coinone users this month

KakaoBank, one of South Korea’s online banks with nearly 20 million users, said in an earnings call last week, it will begin providing withdrawal and deposit accounts to users of local cryptocurrency exchange Coinone in November.

See related article: South Korea’s internet-only KakaoBank partners with crypto exchange Coinone

Fast facts

  • “[KakaoBank] is in talks to provide a real-name verified deposit and withdrawal account service to Coinone customers in November to provide stability and convenience for virtual asset trading,” said Kim Seok, Chief Strategy Officer (CSO) of KakaoBank, according to local media.

  • The two companies announced their partnership in August, but did not say when Coinone users will have access through KakaoBank accounts.

  • Coinone is one of five cryptocurrency exchanges in South Korea that are allowed to provide fiat-to-crypto services to their customers, after meeting the requirements the country’s anti-money laundering requirements. These include a banking partnership to provide user accounts under real names.

  • With the KakaoBank agreement, Coinone will end its partnership with the Korean bank NH Nonghyup Bank created in September 2021, local media reported.

  • The crypto exchange said Forkast that they will soon make an announcement on how the transition will affect customers, declining to say whether users with NH Nonghyup accounts will need to move to Kakao to continue trading on Coinone.

  • Local media said Coinone makes the change to increase the limit for online withdrawals and deposits.

  • Coinone’s current “Easy Deposit” feature allows a daily deposit of one million Korean Won (approximately $709), while leading local exchange Upbit allows a daily amount of one hundred million Won. Upbit partners with K-Bank, another internet-only bank.

See related article: Binance will re-enter the South Korean crypto market, according to CZ

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