Traders must open real-name accounts at the same banks as their exchanges in order to deposit money to trade cryptocurrencies.South Korea has started to convert the existing virtual cryptocurrency accounts to real-name accounts today as new law of government. The use of this new system will ends use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities.Opening cryptocurrency accounts has been banned for weeks while the banks have installed the system, which ensures only real-name bank accounts and matching accounts at cryptocurrency exchanges for deposits and withdrawals.Banks like Shinhan Bank, Nonghyup Bank, Industrial Bank of Korea, Kookmin Bank, Hana Bank, and Gwangju Bank has participated in this new system.