From September 24, up to 40 cryptocurrency exchanges will stop operating in South Korea, and another 28 platforms will freeze all services and transactions with local won.
On Friday, new anti-money laundering rules come into force, according to which all trading platforms that support the Korean language and national currency are required to have a certificatesecurity and cooperate with banks to link customer accounts to real identities.
Without a certificate, exchanges do not have the right to operate in the country.Platforms without agreements with banks will not be able to conductoperations with won. Yesterday they all warned customers about the full or partial closure of services.
To date, only 4 crypto exchanges (Upbit, Bithumb, Coinone and Korbit) have met all the conditions to continue their full-fledged work. Clients of 28 platforms will be able to work only with digital assets.
Foreign companies cannot obtain an operating license, so most sites will ceaseactivities completely, as they also do not want to register in this jurisdiction due to the strict regulation. However, Koreans will be able toand continue to trade on them, but without using the national currency and language.
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