40 Crypto Exchanges To Stop Operations In South Korea
40 Crypto Exchanges To Stop Operations Due To FSC Non-Compliance In South Korea
Trading platforms will stop serving customers due to the new rules of the local financial regulator.
About 40 out of 60 cryptocurrency exchange operators may stop operating in South Korea due to non-compliance with the country’s Financial Services Commission (FSC) requirements, according to the Financial Times. The regulator obliged cryptocurrency trading platforms to obtain a license, introduce mandatory identification of users (KYC) and report the presence of an account in one of the Korean banks by September 24, or notify customers of the closure by September 17.
According to the FT, only 20 crypto exchanges managed to register. These include the country’s largest platforms – Bithumb, Upbit, Korbit, and Coinone, which account for about 90% of the digital asset trading volume in South Korea.
The new FSC rules have also influenced the work of international crypto exchanges. In August, the world’s largest crypto exchange in terms of trading volume, Binance, delisted trading pairs with the Korean Won (KRW) due to a warning from the regulator.
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