Around 60 Cryptocurrency Exchanges in South Korea to Shut Down Services!

A new regulation regarding cryptocurrencies is to come into force in South Korea next week. For this, more than 60 cryptocurrency exchanges have to notify customers by midnight on Friday, a week before the new regulation comes into force, that trade may be closed either partially or completely.

To operate further, the exchanges will have to register with the Financial Intelligence Unit by September 24 with a security certificate from the Internet Security Agency. They will also have to partner with banks for real-name accounts to remain on the exchanges. Exchanges that have not registered will have to discontinue their services after September 24. On the other hand, the exchanges which have registered but have not partnered with banks will be barred from trading in won settlements.

Nearly 40 of all the exchanges are set to suspend all services. At the same time, 28 of them have security certificates, but they have not partnered with the bank. Only Upbit, Bithumb, Coinone and Korbit have registered as well as partnered with banks. Therefore, they will be allowed to trade on Von Settlements.

Some of the smaller exchanges, including ProBit, Cashierest and Flybit, have already stated that they will end won trading, and have also stated that they will continue operations involving only digital coin trading until a partnership with banks is secured.

Governments in countries around the world are now in active mode regarding cryptocurrency trade. The news of money laundering in cryptocurrencies keeps popping up several times. Also, there is a risk in digital currency with the Internet as it is not a tangible currency and is transferred only in digital form. Therefore, new rules are either being made or implemented in different parts of the world regarding the regulation of cryptocurrencies. South Korea is also one of them.

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