[THE INVESTOR] Zeniex will become the latest cryptocurrency exchange to open in Korea on Feb. 12.
Zeniex said on Feb.8 that the launch has been delayed by a month due to the latest regulations designed by the Korean government to cool the overheated cryptocurrency market.
Zeniex, jointly established by Korean and Chinese finance and security experts, will start by offering nine cryptocurrencies, including bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Quantum, EOS, Bytom and ZRX.
“It’s currently difficult to provide our complete services due to delays in issuing real-name bank accounts for trading,” said Zeniex CEO Choi Kyung-joon. “Despite these circumstances, we have decided to go ahead with the launch to service our customers who have been waiting for our opening.”
Traders, however, can only buy and sell cryptocurrencies with bitcoins because major banks are putting off confirming and issuing real-name bank accounts.
On Jan. 30, the Korean government mandated a new rule that requires traders to use real-name accounts to deposit money to trade cryptocurrencies. Local banks, however, have been converting only existing virtual accounts to real-name accounts for four large cryptocurrency exchanges here -- Bithumb, Upbit, Coinone and Korbit.
The banks have also been refusing to issue new real-name accounts for other cryptocurrency exchanges, citing uncertainties and security concerns.
By Ahn Sung-mi (firstname.lastname@example.org)