[Provided by Kakao Bank]
[Provided by Kakao Bank]

Kakao Bank said Wednesday it has extended its real-name verification deposit and withdrawal account service contract with virtual asset exchange Coinone by one year. The two companies first partnered on real-name verified accounts in August 2022 and have now renewed the arrangement for a fourth consecutive year. The contract runs through August 2027.

Under the renewed agreement, customers can continue to deposit and withdraw Korean won through their Kakao Bank accounts on Coinone and trade virtual assets as before.

Both companies have completed the internal procedures and contract signing required for the renewal, and Coinone has also finished its advance notification process with the Korea Financial Intelligence Unit (KoFIU).

Kakao Bank and Coinone have built a secure trading environment by linking their anti-money laundering and fraud detection systems. They were the first in the industry to operate a regular joint consultative body and have also participated in a working group to establish guidelines for real-name virtual asset accounts, as well as a KoFIU-led consultative body, strengthening their risk management framework.

"We have renewed the real-name verification deposit and withdrawal account service contract with Coinone," Kakao Bank said. "We will continue to work closely together to create a stable virtual asset trading environment."

Other won-denominated exchange real-name account contracts are also set to be renewed in sequence in the second half of this year. Bithumb and KB Kookmin Bank are reportedly in ongoing talks to extend their real-name account partnership by one year, while the real-name account contract between Upbit, the country's largest exchange, and K bank is set to expire in October.


won@heraldcorp.com