Upbit cryptocurrency exchange is the first to be a part of the Financial Intelligence Unit of Korea (FIU) before the deadline in September.

Exchanges that aren’t registered by September twenty fourth could have to shut in Korea

Doh Gyu-sang, vice chairman of the Financial Services Commission, expects one or two extra exchanges to join by the finish of August.

The registration course of has a number of necessities, together with establishing partnerships with banks to get hold of actual title verification accounts. While different exchanges reportedly struggled to persuade banks to associate with them, Upbit, South Korea’s largest exchange, is partnering with first on-line financial institution Ok-Bank to confirm id.

Also, Bithumb, Coinone, and Korbit have the same partnership. Hence, they’ll doubtless be the subsequent to register. Without exception, overseas exchange was additionally focused. The FIU has requested them to register if they need to proceed offering providers to Korean customers.

Binance restricted the Korean market on August 13 once they stopped providing trading pairs and fee choices in gained. Last week, Upbit operator Dunamu launched a brand new answer to comply with the “travel rules” of the intergovernmental Financial Action Task Force in Singapore. The FIU will evaluate Upbit’s utility inside three months.

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According to Coindesk

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