29 crypto exchanges meet new regulatory standards in South Korea, and 37 more have to close

South Korean Financial Transaction Information Use and Reporting Act requires cryptocurrency exchanges and service providers to obtain Information Security Management System (ISMS) certification and submit a report to the Financial Intelligence Unit (FIU) by September 24th. Exchanges wishing to offer winning trades must also work with a local bank to provide verified real name accounts to the user.

The Financial Services Commission (FSC), South Korea’s premier financial regulator, announced on Saturday (Sept. 25) that 29 exchanges are ISMS certified and have submitted reports to the FIU before the deadline. Your submissions will be processed within three months.

Only 4 of the 29 exchanges – Upbit, Bithumb, Coinone and Korbit – have successfully worked with banks to provide verified user accounts. Exchanges need a banking partnership to give traders the ability to buy and sell cryptocurrencies using the Korean won. The remaining 25 exchanges may only be operated as cryptocurrency exchanges.

29 exchanges are now obliged to establish a system that applies the global anti-money laundering standards “Travel Rule – Trading in Cryptocurrencies Over a Certain Amount”, as set out by the Action Task Force Finance (FATF), an intergovernmental anti-money laundering organization – Guard dog, is recommended.

Bithumb, Coinone and Korbit are developing a joint system for compliance with the travel rule, while Upbit, the largest exchange in Korea, is working on its own system.

After the deadline on Friday (September 23), 37 small exchanges failed to meet regulatory requirements and had to close their stores. Exchanges that fail to meet these standards will face a fine of up to 50 million won ($ 42,365) or up to 5 years in prison.

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29 exchanges are now obliged to establish a system that applies the global anti-money laundering standards “Travel Rule – Trading in Cryptocurrencies Over a Certain Amount”, as set out by the Action Task Force Finance (FATF), an intergovernmental anti-money laundering organization – Guard dog, is recommended.  are developing a joint system for compliance with the travel rule, while , the largest exchange in Korea, is working on its own system. After the deadline on Friday (September 23), 37 small exchanges failed to meet regulatory requirements and had to close their stores. Exchanges that fail to meet these standards will face a fine of up to 50 million won ($ 42,365) or up to 5 years in prison. 29 exchanges are now obliged to establish a system that applies the global anti-money laundering standards “Travel Rule – Trading in Cryptocurrencies Over a Certain Amount”, as set out by the Action Task Force Finance (FATF), an intergovernmental anti-money laundering organization – Guard dog, is recommended.  are developing a joint system for compliance with the travel rule, while , the largest exchange in Korea, is working on its own system. After the deadline on Friday (September 23), 37 small exchanges failed to meet regulatory requirements and had to close their stores. Exchanges that fail to meet these standards will face a fine of up to 50 million won ($ 42,365) or up to 5 years in prison. the largest exchange in Korea, is working on its own system. After the deadline on Friday (September 23), 37 small exchanges failed to meet regulatory requirements and had to close their stores. Exchanges that fail to meet these standards will face a fine of up to 50 million won ($ 42,365) or up to 5 years in prison.