Dozens of Korean Crypto Exchanges Must Cease Operations

Dozens of Korean Crypto Exchanges Must Cease Operations

More than 60 crypto exchanges in South Korea must inform their customers on Friday that trading on the platforms will be wholly or partially suspended. That is a week before a new regulation enters into force.


In order to continue trading, the exchanges must register with the Financial Intelligence Unit by September 24. They must also be able to provide a security certificate from the agency that deals with cybersecurity. The exchanges must also cooperate with banks to ensure that bank accounts are actually registered.

Exchanges that have not registered will be required to discontinue their services after September 24, while exchanges that have registered but failed to negotiate an agreement with banks will be banned from trading the Korean currency won.

Crypto exchanges that do not comply with the new rules must inform their customers at least one week in advance. Almost forty of all exchanges will stop all services. Another 28 have security certificates but do not yet have an agreement with banks.

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