Edaily said talks on the won deposit and withdrawal account renewal are being finalized after KakaoBank completed an on-site inspection in May; Coinone has used KakaoBank since switching from NH NongHyup Bank in November 2022.
Coinone is likely to renew its real-name account partnership (identity-verified banking tie-up) with KakaoBank for another year, with discussions on the exchange's won deposit and withdrawal account arrangement nearing completion, Edaily reported. The current deal expires in mid-August. KakaoBank reviewed the extension after completing an on-site inspection of Coinone in May. The partnership matters because South Korean crypto exchanges rely on bank relationships to process fiat transfers under real-name rules. Coinone has renewed the contract since changing its partner bank from NH NongHyup Bank to KakaoBank in November 2022.