South Korea’s Financial Supervisory Commission has announced a deadline for 60 cryptocurrency exchanges to register with the country’s financial watchdog.
The South Korean Financial Services Commission (FSC) has announced the deadline for over 60 crypto exchanges. Read more in detail here: south korea crypto exchange list.
News from the Exchange
- The Financial Services Commission of South Korea (FSC) has set a deadline for over 60 cryptocurrency exchanges.
- South Korean banks must collaborate with cryptocurrency exchanges.
- Only four exchanges have signed up and collaborated with a local financial institution.
The Financial Services Commission of South Korea (FSC) has set a deadline for more than 60 international and domestic cryptocurrency exchanges to register as approved trading platforms. Before a week of new rules take effect, 60+ South Korean crypto exchanges must inform clients about the suspension of trade.
Furthermore, the Financial Services Commission (FSC) has set a deadline for exchanges to register on September 24 (Friday). Crypto exchanges must register with the Financial Intelligent Unit by September 24 to continue or restart trading activities in South Korea. They will get a security certification from the internet security agency after registering.
As a result, South Korean crypto exchanges must work with local banks to set up real-name bank accounts for their customers’ protection. Crypto exchanges that have not registered must shut down services after September 24th, according to the statement. Exchanges that are not affiliated with local bans will eventually be barred from trading.
Furthermore, if exchanges fail to fulfill legal requirements, they must notify their clients of a partial or complete closure by today (September 17). The Financial Service Commission was notified about this earlier this week.
Upbit, Bithumb, Coinone, and Korbit are the only four exchanges that have registered with Financial Intelligent Unit and established agreements with local banks. As a result, they will permit winning settlements.
In South Korea, almost 40 exchanges are scheduled to close their doors. In addition, although 28 crypto exchanges have registered and received security certifications, they have yet to obtain bank relationships. Some smaller South Korean exchanges, including as ProBit, Cashierest, and Flybit, have already announced that they would cease trading in the won.
South Korea FSC has announced a deadline for over 60 crypto exchange to shut down by the end of 2019. Reference: cryptocurrency shut down.
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