More than 60 cryptocurrency exchanges in South Korea must notify customers of a partial or complete suspension of trading by midnight Friday, a week before a new rule goes into effect.
To continue operating, exchanges must register with the Financial Intelligence Unit by September 24, providing a security certificate from the Internet Security Agency. They should also partner with banks to ensure real name accounts.
Exchanges that have not registered must stop services after September 24, while exchanges that have registered but failed to partner with banks will be banned from trading on WON.
“Whether some or all services need to be discontinued, (exchanges) are required to notify customers of withdrawals at least seven days prior to the expected closing date and closure of processes,” the Financial Services Commission said earlier this week. needed.” It said it should not be completed after September 17.
Nearly 40 of all exchanges are set to suspend all services. Another 28 have security certificates, but have not achieved bank participation.
Only four – Upbit, Bithumb, Coinone and Korbit – have registered and secured partnerships and so won settlements will be allowed to be made.
Some smaller exchanges, including ProBit, Cashierest, and Flybit, have already stated that they will end won trading, and that they will continue operations involving only digital coin trading until a partnership with banks is achieved.
© Thomson Reuters 2021
.