Sunday, October 17, 2021

More than 60 South Korean crypto exchanges to suspend services next week

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FILE PHOTO: Representations of the cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on the PC motherboard in this illustration taken on June 29, 2021. REUTERS / Dado Ruvic / Illustration / File Photo

Seoul More than 60 cryptocurrency exchanges in South Korea are required to notify clients of a partial or full suspension of trading before midnight on Friday, a week before a new regulation takes effect.

To continue operating, exchanges must register with the Financial Intelligence Unit before September 24, providing a security certificate from the internet security agency. They must also partner with banks to guarantee real-name accounts.

Exchanges that have not registered must close their services after September 24, while those that have registered but failed to partner with banks will be prohibited from trading won.

“If some or all services are to be closed, (exchanges) must notify clients of the expected closing date and procedures for withdrawing money at least seven days before closing,” the Financial Services Commission said earlier this week. week. He said this should be completed no later than September 17.

Of all the exchanges, almost 40 are configured to suspend all services. Another 28 have security certificates but have not secured banking associations.

Only four – Upbit, Bithumb, Coinone and Korbit – have signed up and secured partnerships and thus will be allowed to make won deals.

Some smaller exchanges, including ProBit, Cashierest, and Flybit, have already said that they will end won trading and continue operations that involve only trading digital currencies until partnerships with banks are secured.

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