South Korea FSC Has announced Deadline for Over 60 Crypto Exchange

South Korea FSC Has announced Deadline for Over 60 Crypto Exchange
  • South Korea FSC has set a deadline for over 60 crypto exchanges.
  • Crypto exchanges need to partner with south Korean local banks
  • Only four exchanges have registered and partnered with a local bank.

South Korea Financial Services Commission (FSC) has announced a deadline for more than 60 foreign and local crypto exchanges to register as an authorized trading platform. 60+ South Korean crypto exchanges must notify customers about the suspension of trading before a week of new regulations execute.

Furthermore, Financial Services Commission (FSC) has set a deadline on September 24 (Friday) for exchanges to register. To continue or resume trading operations in South Korea, crypto exchanges must register with the Financial Intelligent Unit before September 24. After registration, they will get a security certification from the internet security agency.

Accordingly, South Korean crypto exchanges must also partner with local South Korean banks to create real-name bank accounts for the customer’s security. As per the announcement, after September 24 crypto exchanges that have not registered must shut down services. Eventually, the exchanges that are not partnered with local bans will also be restricted from trading.

More so, if exchanges failed to meet the regulatory condition, then they have to inform their customers about partial or total shutdown by today (September 17). Regarding this Financial Service Commission has informed earlier this week.

Henceforth, only four exchanges, Upbit, Bithumb, Coinone, and Korbit have registered with Financial Intelligent Unit and secured partnerships with the local banks. Therefore they will allow making won settlements.

Almost 40 exchanges set to shut down their services in South Korea. And 28 crypto exchanges have registered and got security certificates but failed to have secured bank partnerships. Some of the South Korean smaller exchanges such as ProBit, Cashierest, and Flybit have already declared they will stop won trading.

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