60 Cryptocurrency Exchanges Have Been Warned in South Korea

60 cryptocurrency exchanges have been warned in South Korea. Exchanges were warned to terminate their transactions.

In South Korea, which imposes strict sanctions on cryptocurrency exchanges and banks, it is expected that a significant number of cryptocurrency exchanges will cease their operations on September 24, except for a few large-scale exchanges. The country's regulatory body has requested about 60 exchanges to partially or completely terminate their transactions by September 24 and to inform them of this. Exchanges will have to shut down as they do not comply with the latest regulations. In order for these cryptocurrency exchanges to continue their operations, they must register with the Financial Intelligence Unit, the government's anti-money laundering agency, and submit fully-identified bank accounts by September 24. The regulator certainly does not want accounts on cryptocurrency exchanges to be anonymous. It is stated that the number of exchanges that fully comply with the AML regulation rules in the country is not more than 10 and the probability of closing the remaining small and medium-sized exchanges is high. In the statement made by the Financial Services Commission (FSC) on the subject, the following are mentioned. “If some or all of the services need to be terminated or exchanges are to be closed, customers should be notified at least seven days prior to that date and should inform withdrawal procedures.” As it will be remembered, in January, very strict new regulation rules were introduced for cryptocurrency exchanges in South Korea. Exchanges were required to register and obtain licenses with money laundering authorities.