July 2, 2022
  • July 2, 2022
  • Home
  • Cryptocurrency
  • Cryptocurrency: More than 60 exchanges in South Korea to suspend services next week

Cryptocurrency: More than 60 exchanges in South Korea to suspend services next week

By on September 17, 2021 0

More than 60 cryptocurrency exchanges in South Korea are required to notify customers of a partial or full suspension of trading by midnight Friday, a week before new regulations come into effect.

To continue operating, exchanges must register with the Financial Intelligence Unit by September 24, providing a security certificate from the Internet Security Agency. They must also partner with banks to secure real name accounts.

Exchanges that have not registered must close their services after September 24, while those that have registered but failed to secure partnerships with banks will be prohibited from trading won.

“If some or all of the services were to be closed, (exchanges) should inform clients of the expected closing date and procedures for withdrawing money at least seven days before the closing,” the Financial Services Commission said more early this week. He said this should be completed by September 17 at the latest.

Of all the exchanges, almost 40 are on the verge of suspending all services. 28 others have security certificates but have not entered into banking partnerships.

Only four – Upbit, Bithumb, Coinone and Korbit – have registered and secured partnerships and will therefore be allowed to make won settlements.

Some smaller exchanges, including ProBit, Cashierest, and Flybit, have already announced that they will end trading won and continue operations involving only digital coin trading until partnerships with banks are entered into.

© Thomson Reuters 2021

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.