Hurdles for Seoul Nat'l Univ. as South Korea Extends Crypto Ban
CryptoNewsTerminal Staff26 May, 2024
Hurdles for Seoul Nat'l Univ. as South Korea Extends Crypto Ban
South Korea’s Financial Intelligence Unit (FIU) has extended its ban on universities opening cryptocurrency trading accounts, preventing Seoul National University from cashing out its 1 billion won (US$8 million) in donated crypto. The decision came after several universities, including Seoul National University, Korea University, Sogang University, and Dongseo University, requested permission to cash out large crypto donations received from game company Wemade in 2022. However, a senior financial authority official stated that after discussions with the Ministry of Education and relevant agencies, universities would not be allowed to open institutional accounts for crypto trading. This ban poses a significant hurdle for universities that have received substantial crypto donations and are now unable to convert them into cash. It remains unclear how Seoul National University and other affected institutions will address this issue.
