Bitcoin crashes as South Korea confirms crackdown on anonymous crypto trading

..traders in South Korea will be required to identify themselves with their real names to make deposits into virtual coin wallets, and have those details matched with information at local banks..

"Specifically, for users to make virtual currency transactions more than 10 million won per day or more than 20 million won for 7 days when depositing and withdrawing funds, this is the type of financial transaction you suspect for money laundering.".

Bitcoin is currently trading at $10,500 (£7,525), according to CoinDesk..