In South Korea, more than 60 cryptocurrency exchanges must notify clients a week before a new regulation takes effect about temporary suspensions or full suspensions of trading.
Financial Intelligence Unit registration must be completed by September 24 in order for exchanges to continue operating. To guarantee real-name accounts, the banks must be partnered with.
Without a registration date, exchanges must shut down their services after Sept. 24, while those that have registered but are unable to secure bank partnerships will not be allowed to trade in won.
According to the Financial Services Commission, “if some or all services must be closed, (exchanges) need to notify their customers seven days in advance of the expected closing date and procedure to withdraw money.” There was a deadline of Sept. 17 for completion.
Nearly 40 exchanges have announced they will suspend all services. Another 28 are security certificate holders, but do not yet have banking partnerships.
Among the four, only Upbit, Bithumb, Coinone, and Korbit have secured partnerships, which means they are authorized to settle wins.
In addition to ProBit, Cashierest, and Flybit, there are other smaller exchanges that have already stated that they will end won trading and continue operating solely through their digital coin trading service until they secure partnerships with banks.