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Announcing the deadline to suspend 60 cryptocurrency exchanges in South Korea!

Announcing the deadline to suspend 60 cryptocurrency exchanges in South Korea!

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Answer Announcing the deadline to suspend 60 cryptocurrency exchanges in South Korea!

About 60 cryptocurrency exchanges operate in South Korea I became It is now obligated to notify and warn its clients of the suspension of trading by midnight next Friday.

The new regulations will take effect starting next week.

While in order to continue operating normally in South Korea, trading platforms must verify users and periodically report their activity to the Financial Intelligence Unit before September 24 and provide a security certificate from the Internet Security Agency.

In addition, each cryptocurrency exchange must work with any bank registered in the country.

If the platform does not register itself until September 24, it will have to stop operating in the country.

Read:With the intensification of selling…the price of Bitcoin drops to the levels of 18 thousand dollars and Ethereum to the level of 900 dollars

Any services provided through it will be blocked.

Also, registered trading platforms that have not established a partnership with banks will not be able to open any trading pairs against the South Korean won.

The Financial Services Authority stated, earlier this week, that trading platforms will have to notify their clients of the expected closing date and guide them through the procedures for withdrawing their funds from the platform at least a week before the actual closure.

Almost every trading platform operating in South Korea is expected to close.

A large part of the trading platforms offer security certificates but at the same time they have not secured any partnerships with Korean banks.

So far, only four trading platforms have been registered and their partnership with Korean banks announced, which will continue to provide a full service after the new regulations take effect.

we touched It was previously reported that changes to South Korea’s tax code will not happen until 2022 or even 2023 because the tasking body has not yet found a way to tax digital money and track it properly.

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