Bitcoin drops after S. Korea requires real name in crypto trading

S. Korea to require real-name accounts in crypto trading

Bitcoin hits $8000. See for details
Bitcoin lower after S. Korea requires real name for crypto trading

Hong Nam-ki, South Korean minister of the Office for Government Policy Coordination, announced the country would ban the use of anonymous virtual accounts in cryptocurrency transactions as the government “can’t let this abnormal situation of speculation go on any longer,” the Korea Herald reports, citing the announcement.

Under the ban only real-name back accounts and matching virtual accounts can be used for deposits and withdrawals, while exchanges will be banned from issuing new virtual accounts to clients.

Bitcoin-related names Overstock (OSTK), Digital Power (DPW), Long Blockchain (LTEA), Seven Stars Cloud Group (SSC), Riot Blockchain (RIOT), Longfin (LFIN), Social Reality (SRAX) and Parateum (TEUM) are all trading lower in the pre-market and heading for a second straight big down day as Bitcoin extends its slide overnight below $14,000.

Speculation over South Korea regulators considering options that could include a shutdown of some cryptocurrency exchanges is fueling today’s decline. The cryptocurrency is now down over 25% from last week’s record high.

Riot Blockchain (RIOT) drops, levels to watch.  The stock was last down over 6% to $28 in pre-market trading following news that the South Korean government may seek to regulate cryptocurrencies. Bitcoin fell sharply in the wake of that news, last down over 7.2%, which is off the earlier drop of more than 10%. At the current price of $28, next support is at $26.12.

After forming a high of $16,416 this week, the cryptocurrency came under a selling pressure as traders showed their reaction to South Korea’s news. The country is determined to curb the speculative market and it would take measures to stop and review various crypto-exchanges.


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This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.

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