bitcoinBTC/USD
$ 20,170.00
ethereumETH/USD
$ 1,136.67
tetherUSDT/USD
$ 0.999596
cardanoADA/USD
$ 0.457276
xrpXRP/USD
$ 0.323866
usd-coinUSDC/USD
$ 0.999747

South Korea’s Ultimatum: Next Week Operation Suspension of 60 Crypto Exchanges is Expected

The noose is tightening for cryptocurrency exchanges operating in South Korea; the Financial Services Commission (FSC) has mandated international and native crypto exchanges to register as legitimate trading platforms. 

Exchanges have until September 24 to comply, per the ultimatum given by the FSC. This rule is part of a larger push to enhance oversight of the country’s burgeoning cryptocurrency industry. As a result, roughly two-thirds of all exchanges will be forced to close.

Exchanges will have to register with the Financial Intelligence Unit by September 24 in the coming week, as well as provide a security certificate from an internet security organization to continue their crypto exchange operations. They must also form affiliations with local institutions in order to provide customers with real-name bank accounts.

By Friday of next week, exchanges that have not yet registered must cease operations Those who have registered but have yet to establish banking partnerships will be barred from dealing in won.

Likely 40 of South Korea’s 66 crypto businesses are planning to shut down completely. Only 28 exchanges have the required system authorized by regulators to significantly minimize any security breaches as of Friday.

Upbit, Bithumb, Coinone, and Korbit are the only four exchanges that have qualified. They’ve also entered into partnerships with banks and thus have the authority to make winning deals. These are the four exchanges that dominate cryptocurrency trading in South Korea. They comprise more than 90% of the entire trade volume in South Korea.

ProBit, Cashierest, and Flybit, among other small exchanges, have already announced that won trading will be discontinued and digital coin trading will be possible until partnerships with banks are reached. 

One of the world’s largest digital currency markets is South Korea. However, due to the regulatory revamp, two-thirds of South Korean bitcoin exchanges are planning to close, which could mean vast repercussions for investors, incurring losses of  KRW 3 trillion, equivalent to $2.6 billion.

Also read: UK Users Can Trade Bitcoin, Ethereum, and Other Cryptocurrencies on PayPal

Also read:

Related News

Bitcoin’s Lightning Network Now Available for Argentina From OpenNode Partnership With Lemon Cash

OpenNode, a supplier for Bitcoin payments, has teamed with Lemon Cash, a well-known Latin American bitcoin wallet service. The wallet’s cooperation with OpenNode allows over 1 million Lemon Cash users to now access Bitcoin’s Lightning Network. “This partnership is yet another example of our capability and belief in Bitcoin as the new base layer for global payments… We’re proud to support Lemon’s mission and its desire to scale and benefit

Read More »
LuckyBlock is a worldwide game and competition platform with play to earn rewards using blockchain protocols. They have already given many prizes to the participants of the game.

Lucky Block Partners with Crypto Academy

Lucky Block has partnered with Crypto Academy, as we look forward to many updates and launches ahead.  Lucky Block has reached a partnership with Crypto Academy, the renowned Crypto Marketing Agency, and Informational and Educational portal. With an incredible success rate in helping cryptocurrency-focused startups grow in the industry, the partnership with Crypto Academy is a stepping stone in the exciting journey ahead for Lucky Block. LuckyBlock is a worldwide

Read More »
The withdrawal limit for traders has been temporarily lowered by cryptocurrency-backed loans provider CoinLoan.

The Withdrawal Limit Temporarily Reduced by CoinLoan

The withdrawal limit for traders has been temporarily lowered by cryptocurrency-backed loans provider CoinLoan. The corporation cited the present market crash as the reason for the decision. Due to the change, customers are now limited to a $5,000 maximum withdrawal limit each day. In their announcement, they noted the following: “the interest we pay on the Interest Accounts is yielded by issuing overcollateralized loans to other platform users. Hence in some

Read More »

My Coins

bitcoinBitcoin
$ 20,170.002.8%
ethereumEthereum
$ 1,136.673.36%
cardanoCardano
$ 0.4572761.57%
tetherTether
$ 0.9995960.05%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org