DCG-backed Korean exchange faces closure if it can’t find banking partner By Cointelegraph
South Korean crypto exchange Gopax, which is backed by Digital Currency Group, is facing potential closure ahead of the country’s fast-approaching deadline for platforms to submit their requests for an official operating license.
Each crypto exchange must prove that it is operating with real names at South Korean banks in order to be eligible for licensing. The catch is that domestic banks have, for the most part, refused to engage in any risk assessment process for the country’s numerous small and medium-sized exchanges and have only been confident enough to service the country’s top four trading platforms: Upbit, Bithumb, Korbit and Coinone. On Sept. 24, the deadline to apply for licenses is only one week away.
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