40 cryptocurrency exchange operators in South Korea to stop working

Due to the new rules set by the local financial regulator, trading platforms will cease to function.

Approximately 40 cryptocurrency exchange operators (there are 60 of them) in South Korea will cease to function as they do not meet the FSC requirements. According to the new rules, the exchange must have a license, report on the presence of an account in any banking institution in Korea before September 24, 2021, and must also conduct identification of users. Otherwise, the platform must inform customers that it is closing, and this should be done by September 17, 2021.

It is known that only 20 exchanges have registered. Among them are Korbit, Bithumb, Coinone and others. According to statistics, these sites account for approximately 90% of the total crypto trading volume in South Korea.

Of course, innovations have become an obstacle to the previous functioning of international cryptocurrency exchanges. Binance, the world's largest trading exchange, delisted its Korean Won trading pairs in August. This is due to warnings from the regulator.