Over time on cryptocurrency exchanges operating in South Korea, information available on the website of the leading financial regulator shows that only ten of these crypto companies have managed to successfully register with the authorities.
Exchanges are racing against time in South Korea
Just yesterday, 6 crypto exchanges Five, Gdac, Graybridge, OK-BIT, Prabang, Flat Thai X and cryptocurrency custodian Gameper made progress with their file submissions. per local media agency, authorities still expect at least eighteen more exchanges to submit their applications by Friday, which is today.
Remember that in April, South Korea’s Financial Services Commission issued guidelines requiring all entities that provide virtual asset service in the country to register with the Financial Intelligence Unit (FIU), its anti-money laundering arm, on or before September 24.
In addition to this, he also required them to obtain a security certificate and to secure a partnership with a bank that will help facilitate deposits and withdrawals for users with their real names.
So far, four prominent exchanges, Upbit, Bithumb, Coinone and Korbit, have successfully passed the dual requirements, including securing a contract with banks to verify the real name of the accounts, making them eligible to offer Korean Won (KRW) trading pairs and payment options.
On the other hand, exchanges like Gopax, Huobi Korea and Gdac have not been able to secure a partnership with any bank and will have to shut down operations in the country tonight. Already, ProBit and Problegatr have ceased operations due to their inability to meet the requirements.
Notably, popular cryptocurrency exchanges such as Binance, ByBit, and BitMex have limited their exposure and services to the Asian country. Two of these exchanges have gone so far as to remove their support for the Korean language – interestingly, one of the criteria set by the Financial Intelligence Unit when considering an application is exchange support for the country’s language.
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