More than 60 Korean cryptocurrency exchanges will suspend service next week


Cryptocurrency Representations Bitcoin, Ethereum, Dogecoin, Ripple and Litecoin are located on the PC motherboard in this figure taken on June 29, 2021. (DadoRuvic / Illustration / Reuters)

Seoul — South Korea’s more than 60 crypto exchanges need to notify their clients of a partial or complete suspension of trading by midnight on Friday, a week before the new regulations come into force.

For the exchange to continue operating, it must be registered with the Financial Intelligence Unit and provided with a security certificate by the Internet Security Authority by September 24th. You will also need to partner with a bank to secure an account with your real name.

Unregistered exchanges will need to stop service after September 24th, but exchanges that have registered but failed to secure a partnership with the bank will be banned from trading in won.

“If some or all of the services need to be closed, (the exchange) must notify the customer of the planned closure date and at least 7 days prior to the closure,” the Financial Services Commission said. I mentioned earlier this week. He said this needs to be completed by September 17th.

Nearly 40 of all exchanges are set to suspend all services. In addition, 28 has a security certificate but does not have a partnership with a bank.

Only Upbit, Bithumb, Coinone, and Korbit have registered and secured partnerships, so you can make winning payments.

Several smaller exchanges, including ProBit, Cashierest and Flybit, have stated that they will continue to operate, including only digital coin transactions, until they have already closed their winning transactions and secured a partnership with a bank.