60 Crypto Exchanges To Be Suspended In South Korea

60 Crypto Exchanges To Be Suspended In South Korea

About 60 cryptocurrency exchanges functioning in South Korea are now obligated to notify their customers about the trading suspension by midnight on Friday. The new regulations will take effect next week.

In order to continue operations in the country, exchanges must verify themselves in the Financial Intelligence Unit before Sept. 24 and provide a security certificate from the internet security agency. In addition to that, every digital assets exchange must work with any registered bank in the country.

If an exchange has not registered itself until Sept. 24, it will have to stop functioning in the country. Any services provided by exchange will be prohibited. Registered exchanges that have not established a partnership with banks will be unable to open any Won trading pairs.

The Financial Services Commission stated earlier this week that the exchange will have to notify its customers about the expected closing date and guide them through procedures of withdrawing their funds from the exchange by at least one week before the actual closure.

Almost every exchange functioning in South Korea is expected to be closed; the other part does provide security certificates but, at the same time, it has not secured any partnerships with Korean banks.

At press time, only four exchanges have registered and partnered with Korean banks, which will continue providing a full service after new regulations take effect.

Previously, U.Today reported that changes in tax law will not take place until 2022 or even 2023 since commissions have not yet found a way to properly tax and track digital funds.