Markets

More than 60 South Korean cryptocurrency exchanges will be closed next week

More than 60 cryptocurrency exchanges in South Korea must notify customers of partial or complete suspension of trading before midnight on Friday, which is one week before the new regulations take effect.
In order to continue operations, the exchange must register with the Financial Intelligence Unit before September 24 and present a security certificate from the Internet Security Agency. You also need to work with the bank to secure a real-name account.
unregistered exchanges will close their services after September. On the 24th, those who have registered but have not cooperated with the bank will be prohibited from trading Korean won.
If any or all services need to be closed, the (Exchange) shall notify the client at least 7 days in advance of the closing date of the expected closing date and the procedures for withdrawing funds,” the Financial Services Commission stated earlier this week, that is, September 17 at the latest
Almost 40 of all exchanges should stop all services. The other 28 have security certificates but no secure banking partnerships.
Only four Upbit, Bithumb, Coinone, and Korbit have registered and established a partnership, so they are allowed to reach a settlement that has been won.
Some smaller exchanges, including ProBit, Cashierest, and Flybit, have announced that they will stop trading in Korean won and continue to operate digital coin trading until they establish partnerships with banks.

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