Only ten of dozens of crypto exchanges in South Korea were registered with local authorities before the clock ran out on Friday, a remarks on the regulator’s website shows.
- In April, the country’s Financial Services Commission ordered that all providers of virtual assets in South Korea must register with its anti-money laundering arm, the Financial Intelligence Unit (FIU), by September 24th. Full registration requires security certification as well as partnerships. with banks for name verification accounts.
- Exchanges raced to register their documents. Five, Gdac, Graybridge, OK-BIT, Prabang and Flat Thai X sent in yesterday, along with keeper Gameper.
- Only the four largest exchanges in the country, Upbit, Bithumb, Coinone and Korbit, have closed deals for name-checking accounts with banks. These are necessary for them to offer trading pairs and Korean won (KRW) payment options.
- Three exchanges, Gopax, Huobi Korea and Gdac, which negotiated with banks until the last minute, failed to secure the partnerships and will stop KRW trading effectively tonight, CoinDesk Korea reported. Thursday, ProBit and Problegate did the same.
- Another 18 exchanges are expected to sell documents on Friday, South Korean news agency Yonhap reported. About 40 exchanges gave no indication of whether they plan to register and are likely to cease operations on Friday, the agency reported.
- Three major global exchanges limited their exposure to the country starting with Binance in August, followed by Bybit and BitMEX this month.
- The latter two did this by removing Korean language from their platforms. The FIU said Korean language support of exchange will be considered when deciding whether it can offer services in the country.
Read more: South Korea’s Registration Deadline for Crypto Exchanges Could Remove $ 2.6B in Assets: FT