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More than 60 S.Korean crypto exchanges are all set to halt services

At least 60+ cryptocurrency exchanges in South Korea are about to suspend service from next week.

KOREA
Photo By "BITCOINIST"

More than 60 South Korean crypto exchanges must notify their customers about a partial or full suspension of trading by midnight on Friday. One more week is left for the new regulation to come into effect.

To continue with the service operations, the cryptocurrency exchanges must register with the Financial Intelligence Unit. The deadline for this register is up to 24th September. The cryptocurrency exchanges need to provide a security certificate from their internet security agency. They must partner with the banks to make sure that there are real-name accounts.

Crypto exchanges that have not yet registered must shut down their services after 24th September. Those Who have registered with FIU but have failed to secure a partnership with banks will face the prohibition from trading in won.

The Financial Services Commission earlier said, “Should some or all services need to be closed, (exchanges) should notify customers of the expected closing date and procedures to withdraw money by at least seven days before the closure.”

It further said that this needs to end within the deadline period of 17th September. From all the exchanges, at least 40 are all set to suspend all their services. On the other hand, 28 have security certificates. However, they have failed to secure a bank partnership. Hence as per the rules, they cannot trade anymore. Therefore, they also have to shut down permanently or temporarily.

Just four of the crypto exchanges, such as Upbit, Bithumb, Coin one, and Korbit, have successfully registered. They have also secured a partnership. Hence they will get permission to make up their settlements.

Some of the small exchanges include Flybit, Casheirest, and ProBit, have said that they will end up with their trading. Now they will continue to operate by involving only the trading of digital coins until they manage to secure a partnership with banks.

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