More Than 60 Crypto Exchanges in South Korea Will be Suspended

Financial Services Commission (FSC) in South Korea announced the deadline for crypto exchanges operating in the country to register as legal trading platforms. This includes foreign and local exchanges.

More than 60 crypto exchanges will be suspended in South Korea after September 24.
South Korea | Image: Nikkei Asia

The regulator gave the deadline until September 24, for exchanges to comply. This is the result of an effort to tighten crypto services.

Unfortunately, over 60 cryptocurrency exchanges in South Korea have to tell their customers about the trading suspension by Friday midnight as the new regulations will take effect in a week.

According to the regulator, exchanges must register with the Financial Intelligence Unit (FIU) by September 24. In addition, they must partner with local banks to open real-name bank accounts for customers. By doing this, they can continue operating in the country.

However, exchanges that don't register have to stop providing services after September 24. Meanwhile, the regulator said that in case of failure to secure partnerships with banks, those exchanges will be obligated to shut down.