Main navigation

60 Crypto Exchanges to Be Suspended in South Korea

News
Fri, 09/17/2021 - 08:43
article image
Arman Shirinyan
South Korea is continuing cryptocurrency trading crackdown
60 Crypto Exchanges to Be Suspended in South Korea
Cover image via stock.adobe.com
Read U.TODAY on
Google News

About 60 cryptocurrency exchanges functioning in South Korea are now obligated to notify their customers about the trading suspension by midnight on Friday. The new regulations will take effect next week.

In order to continue operations in the country, exchanges must verify themselves in the Financial Intelligence Unit before Sept. 24 and provide a security certificate from the internet security agency. In addition to that, every digital assets exchange must work with any registered bank in the country.

If an exchange has not registered itself until Sept. 24, it will have to stop functioning in the country. Any services provided by exchange will be prohibited. Registered exchanges that have not established a partnership with banks will be unable to open any Won trading pairs.

Related
PayPal Allows All U.K. Users to Buy and Sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash

The Financial Services Commission stated earlier this week that the exchange will have to notify its customers about the expected closing date and guide them through procedures of withdrawing their funds from the exchange by at least one week before the actual closure.

Almost every exchange functioning in South Korea is expected to be closed; the other part does provide security certificates but, at the same time, it has not secured any partnerships with Korean banks.

Related
Elon Musk Repeats Raunchy Crypto Reference from 2019

At press time, only four exchanges have registered and partnered with Korean banks, which will continue providing a full service after new regulations take effect.

Previously, U.Today reported that changes in tax law will not take place until 2022 or even 2023 since commissions have not yet found a way to properly tax and track digital funds.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.