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Over 60 S.Korean crypto exchanges set to suspend services next week By Reuters


© Reuters. FILE PHOTO. This illustration was taken on June 29th, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

SEOUL (Reuters) – More than 60 cryptocurrency exchanges in South Korea must notify customers of a partial or full suspension of trading by Friday midnight, a week before a new regulation comes into effect.

For exchanges to be able to operate, they must register with Financial Intelligence Unit (FIU) by September 24, and obtain a security certificate issued by the internet security agency. For real-name accounts, exchanges must be partnered with banks.

All exchanges which have yet to register must stop trading after September 24, and those who registered but did not secure partnerships will be banned from doing so in won.

According to the Financial Services Commision, “Should any or all of these services be shut down (exchanges), should notify customers by the estimated closing date and the procedures for withdrawing money at least seven days prior to the closure.” This was stated earlier this week. This should all be done by Sept. 17.

Nearly 40 of all the exchanges are planning to cease all service. Additional 28 banks have bank partnerships secured but they do not have security certificates.

Only four of these – Upbit and Coinone, Bithumb and Coinone – registered partnerships that have been secured and will now be allowed to settle won payments.

Flybit, Cashierest, ProBit, Cashierest have all stated they would end winning trading and will keep trading with digital coins, until they can secure banking partnerships.

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