Foreign media: Korean crypto exchange and bank transactions will expire at the end of the month, and the transaction renewal is not optimistic due to the Upbit attack

According to Cryptonews, the Korean crypto exchange is preparing to renew its banking transactions with domestic banks, but the exchange is pessimistic about the transaction renewal. According to the current regulations introduced at the beginning of 2018, South Korean crypto exchanges need to sign a six-month renewal agreement with domestic banks for transactions. Banks and exchanges must meet strict standards regarding customer withdrawals and deposits. As of now, the banking transactions of the four major Korean exchanges Bithumb, Upbit, Coinone and Korbit will all expire at the end of the month. Before the formal negotiations, the four major exchanges are going all out to renew their transactions. However, due to the impact of the 2019 Upbit hacking incident and the Bithumb tax incident, the exchange believes that the prospect of trading renewal is not optimistic.