Nearly 70 South Korean Crypto Exchanges May Have to Suspend Service: Report

In April, officials from South Korea’s top financial regulatory body, the Financial Services Commission (FSC), announced that all exchanges in the country must register with the FSC’s anti-money laundering enforcement arm, the Korea Financial Intelligence Unit (KFIU).

Have been given a sevens. 24 deadline for completion of the registration process, which includes evidence of partnerships with an Internet security agency and a bank to ensure that they meet the KYC requirements and have accounts with real names.

So far, only four exchanges – Upbit, Bithumb, Coinone and Korbit – have fully registered and satisfied the KFIU’s requirements.

According to reuters, 40 scholarships did not register at all and can stop their activities on Fridays.

An additional 28 stock exchanges have registered with kfiu but have not yet entered into banking partnerships. These can continue to function partially.

Will be unable to make payments in won, the currency of the country. 24 deadline.