Revenues of South Korean banks from the accounts of crypto-investors increased 36 times in a year

Revenues from commissions of South Korean banks that provide accounts to clients of crypto-exchanges increased 36 times compared to the previous year. Such data was obtained by the Financial Services Commission of South Korea (FSS) as a result of verification of six banks - Woori Bank, KB Kookmin Bank, Shinhan Bank, Nonghyup Bank, Korea Development Bank and Industrial Bank.

According to FSS, last year the banking income received from the provision of these services amounted to 2.2121 billion won (about $ 2.1 million), which is 36 times more than 61 million won over the previous year.

Local banks earn money on crypto-exchanges, charging from them about 200-300 won for the client's contribution - traders pay higher commissions to exchanges when withdrawing funds.

According to the FSS, the Industrial Bank of Korea earned more than the others in providing "virtual services" last year. The Bank provides these services to the Upbit Exchange.

"The bank earned a total of 675 million won, setting a fee for a virtual account of 300 won for the deposit," the FSS reports.

The second largest commission earned is Nonghyup Bank, which provides services to crypto-exchanges Bithumb and Coinone. Last year the bank earned 654 million won.

Shinhan Bank provides virtual account services to several crypto-exchanges, including Bithumb and Korbit, as a result of which it reached 621 million won last year. Earnings of Kookmin Bank amounted to 155 million won, Development Bank - 61 million won, and Woori Bank - 59 million won.

Now the government of South Korea has forbidden banks to provide accounts to local crypto-exchanges until they establish a new system of customer identification. Banks will also have to check the purpose of the trade and the source of funds for each holder of the crypto account.