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60+ South Korean crypto exchanges set to suspend operations next week: Reuters

60+ South Korean crypto exchanges set to suspend operations next week: Reuters


Seeking Alpha
2021-09-17 12:58:45
60+ South Korean crypto exchanges set to suspend operations next week: Reuters

Over 60 cryptocurrency exchanges in South Korea have until Friday midnight to notify customers of a partial or full suspension of trading services, a week before a new anti-money laundering regulation comes into effect, Reuters reports, citing people familiar with the matter. "Should some or all services need to be closed, (exchanges) should notify customers of the expected closing date and the procedures to withdraw money by at least seven days before the closure," the Financial Services Commission said earlier this week. Exchanges that have not registered with the Financial Intelligence Unit by Sept. 24, as well as those that have registered but failed to secure partnerships with banks will be prohibited from trading in won. Of all exchanges, nearly 40 are set to suspend all services, while another 28 have security certificates, but have not secured bank partnerships, Reuters notes. A mere four exchanges - Upbit, Bithumb, Coinone and

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