Trading platforms will stop serving customers due to the new rules of the local financial regulator.
</p>About 40 out of 60 cryptocurrency exchange operatorsmay stop working in South Korea due to non-compliance with the requirements of the country's Financial Services Commission (FSC), reports the Financial Times. The regulator obliged cryptocurrency trading platforms to obtain a license, introduce mandatory identification of users (KYC) and report the presence of an account in one of the Korean banks by September 24, or notify customers of the closure by September 17.
According to the FT, only 20 crypto exchanges have managedregister. These included the country's largest platforms - Bithumb, Upbit, Korbit and Coinone, which account for about 90% of the trading volume of digital assets in South Korea.
New FSC rules have an impact on workinternational crypto exchanges. In August, the world's largest crypto exchange in terms of trading volume, Binance, delisted trading pairs with the Korean Won (KRW) due to a warning from the regulator.
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