Coinone Renews KakaoBank Real-Name Account Deal Through August 2027

Coinone said Aug. 19 that it had renewed its contract with KakaoBank for the issuance of real-name verified deposit and withdrawal accounts.

Under the renewed agreement, the two companies' real-name account partnership will be extended by one year through August 2027. Coinone has worked with KakaoBank since first forming the partnership in August 2022, extending the relationship into a fourth year.

The companies decided to renew the contract after conducting an on-site inspection and reviewing the adequacy of their anti-money laundering, or AML, systems. They also completed the Financial Intelligence Unit's process for accepting a change report related to the contract extension.

Based on the renewal, Coinone plans to expand service cooperation with KakaoBank. The companies aim to improve user access and convenience by strengthening connectivity between their services.

KakaoBank's app currently offers a "My Virtual Assets" service that allows users to check information on virtual assets held in their Coinone accounts. From that page, users can also move directly to various services provided by Coinone.

Chief Executive Officer Cha Myung-hoon said Coinone would do its utmost to build an environment where customers can trade with confidence, drawing on its long-standing partnership with KakaoBank and its operating know-how. It also plans to further expand the scope of service cooperation between the two companies, he said.