{"id":49306,"date":"2021-09-13T10:54:47","date_gmt":"2021-09-13T07:54:47","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=49306"},"modified":"2025-09-02T12:04:34","modified_gmt":"2025-09-02T09:04:34","slug":"media-40-of-south-koreas-60-crypto-exchanges-to-close-due-to-regulators-requirements","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-40-of-south-koreas-60-crypto-exchanges-to-close-due-to-regulators-requirements\/","title":{"rendered":"Media: 40 of South Korea’s 60 crypto exchanges to close due to regulator’s requirements"},"content":{"rendered":"

After September 24, 40 out of roughly 60 cryptocurrency exchange operators in South Korea will cease operations due to non-compliance with the FSC<\/span>‘s requirements. The Financial Times<\/a> reports.<\/p>\n

The rules include ensuring compliance with KYC<\/span> procedures together with partner banks. Banks are reluctant to expand cooperation with trading platforms, fearing additional scrutiny from financial regulators<\/a>.<\/p>\n

The FSC required exchanges to register by September 24 and to notify customers by September 17 of possible closure if they fail to complete the step.<\/p>\n

According to the publication, only 20 firms had complied with the orders. Earlier, the country\u2019s largest platforms \u2014 Bithumb, Upbit, Korbit and Coinone \u2014 had registered<\/a> with the agency. They account for 90% of all trading volume of digital assets in South Korea.<\/p>\n

\n

We expect something akin to \u0431\u0430\u043d\u043a\u043e\u0432\u0441\u043a\u043e\u0439 \u043f\u0430\u043d\u0438\u043a\u0438<\/em><\/a> as the FSC deadline approaches. Investors may face losses. Is the regulator ready for this?<\/em>, asked the head of the Foblgate exchange Lee Chul-i.<\/p>\n<\/blockquote>\n

The FSC’s requirements also affected foreign Bitcoin exchanges serving Korean citizens. In August, Binance banned<\/a> customers from using the South Korean won in operations on its platform. The restrictions affected trading, P2P deals and deposit payments.<\/p>\n

In June, residents of South Korea were obliged<\/a> to report their assets on overseas cryptocurrency exchanges as part of tax-law compliance.<\/p>\n

According to local media, one in four South Korean students invests in Bitcoin<\/a>. In April, some employers noted that their employees aged 20 to 30 are distracted by monitoring the price fluctuations of the first cryptocurrency<\/a> or left their jobs to devote themselves entirely to trading.<\/p>\n

Subscribe to ForkLog news on Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

After September 17, 40 out of roughly 60 cryptocurrency exchange operators in South Korea will cease operations due to FSC requirements. The Financial Times reports.<\/p>\n","protected":false},"author":1,"featured_media":49307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,36,974],"class_list":["post-49306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-regulation","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"43","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=49306"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49306\/revisions"}],"predecessor-version":[{"id":49308,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49306\/revisions\/49308"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/49307"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=49306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=49306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=49306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}