South Korea is Closing 11 Cryptocurrency Exchanges

South Korea is closing 11 cryptocurrency exchanges. The names of the exchanges were not disclosed.

It has been announced that 11 cryptocurrency exchanges using fake joint accounts in South Korea will be shut down. According to the news of the country's local media, The Korea Herald, citing industry sources, the activities of these exchanges will be terminated due to the recent detection of illegal transactions by the financial market regulator FSC and imposing stricter regulations. The sources stated that the names of these medium-sized exchanges have not been disclosed yet, but it is impossible for them to obtain an operating license from the FSC. With the exception of Bithumb, Upbit, Coinone and Korbit, which serve in South Korea, it is estimated that most of the exchanges will be closed on-chain this year as they will not be able to comply with the regulations. Several medium-sized exchanges have already announced that they will cease operations. Darlbit, for example, closed on July 15 after announcing earlier last month that it would stop withdrawals and deposits. CPDAX announced on Friday that it will end its services from September 1. Another exchange, Bitsonic, announced on Friday that it will temporarily stop serving, claiming that it will refresh its systems through its official Telegram channel. Local exchanges must receive approval from the FSC by September 24 to continue operating. To get approval from the FSC, they also need to meet certain qualifications.