Cryptocurrency: Over 60 Exchanges in South Korea to Suspend Services Next Week

0

More than 60 cryptocurrency exchanges in South Korea must notify customers of a partial or full suspension of trading by Friday midnight, a week before a new regulation comes into effect.

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

Exchanges that have not registered must shut down services after September 24, while those that have registered but failed to secure partnerships with banks will be prohibited from trading in won.

“Should some or all services need to be closed, (exchanges) should notify customers of the expected closing date and procedures to withdraw money by at least seven days before the closure,” the Financial Services Commision said earlier this week. It said this should be completed no later than September 17.

Of all exchanges, nearly 40 are set to suspend all services. A further 28 have security certificates but have not secured bank partnerships.

Just four – Upbit, Bithumb, Coinone, and Korbit – have registered and secured partnerships and so will be allowed to make won settlements.

Some smaller exchanges including ProBit, Cashierest, and Flybit have already said they will end won trading, and that they will continue operations involving only digital coin trading until securing partnerships with banks.

© Thomson Reuters 2021


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

FOLLOW us ON GOOGLE NEWS

 

Read original article here

Denial of responsibility! TechCodex is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Comments
Loading...

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More