Categories: Market

Over 60 South Korean cryptocurrency exchanges will close next week

More than 60 crypto exchanges in South Korea are going to close for a week and they have little or no time to let their users know, so read more on our latest crypto news.

South Korean cryptocurrency exchanges that fail to meet the Financial Intelligence Unit’s registration rules must inform their clients a week before September 24th that they will close all operations. More than 60 Korean exchanges will do just that, and they have been directed to inform their clients on how to provide details about their withdrawal options. The Korean Financial Services Commission said:

“If some or all of the services need to be closed, (cryptocurrency exchanges) should give customers at least seven days’ notice of the expected closing date and withdrawal procedures. Close the door.”

Keep in mind that the Korean regulator has ordered all digital asset exchanges operating in the country to comply with anti-money laundering regulations by registering with the FIU or risking website blocking if they fail to do so in a timely manner. Part of registration requires exchanges to work with banks to obtain accounts for name verification, and trading platforms must obtain security documents from the Internet Security Authority.

Exchanges that receive a security certificate are still allowed to offer some services to Koreans, but platforms in this category are not allowed to make payments with the official Korean fiat currency. Only four exchanges in South Korea such as Upbit, Bithumb, Coinone and Korbit have met all of the regulatory agency registration requirements. Reuters noted that about 40 exchanges have announced that they will all be discontinuing their services as they are required to comply.

Another 28 trading platforms such as Cashierest, Flybit and ProBit already have security certificates that allow them to continue operating in the country without making profit-related payments. As reported by teh, smaller exchanges have problems partnering with banks as most regulators and institutions have chosen not to partner with crypto-related companies due to the risks, hacking and accountability involved.

DC Forecasts is a leader in many crypto news categories, always striving for the highest journalistic standards and adhering to strict editorial guidelines. If you would like to share your expertise or contribute to our news page, please contact us at [email protected]

.

.

CoinX

Recent Posts

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

19 mins ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

2 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

3 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

6 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

9 hours ago

This website uses cookies.