The Financial Services Commission (FSC) in South Korea has declared that as of 30th January, investors of cryptocurrency can no longer trade using unidentified accounts.

The new rule confirms that traders in the country will only be able to trade and invest in cryptocurrencies if their virtual currency account matches the name on their bank account. This is just the latest move as regulators attempt to implement the \"know-your-customer\" (KYC) strategy to combat cryptocurrency fraud. Furthermore, anti-money laundering procedures for digital currency exchanges have also been established.

The new regulations already seem to have affected users of cryptocurrency exchanges, and currently, three digital currency exchanges in the country have agreed to the new rules.

A spokesperson for CoinOne also revealed that they will be implementing the changes. In addition to this, Korbit also agreed and explained that their current process of depositing funds would end and be replaced later this month by the new system. They backed up the new regulations by saying that users must possess an account with Shinhan Bank, which is registered using their legal name. According to reports, the Bithumb exchange, Yonhap has also revealed it will implement the new procedures.