With the clock ticking down on crypto exchanges operating in South Korea, available information on the leading financial regulator’s website shows that only ten of these crypto firms have been able to successfully register with the authorities.
Exchanges are racing against time in South Korea
Just yesterday, 6 crypto exchanges Five, Gdac, Graybridge, OK-BIT, Prabang, Flat Thai X and crypto custodian Gameper made progress in their file submissions. Per a local media agency, the authorities are still expecting at least eighteen other exchanges to submit their applications by Friday which is today.
Recall that in April, the South Korean Financial Services Commission issued a guideline that required all entities offering virtual asset service in the country to register with Financial Intelligence Unit (FIU), which is its anti-money laundering arm, on or before 24 September.
Additionally, it also demanded they acquire security certification and secure a partnership with a bank that will help to facilitate deposits and withdrawal for users with their real name.
Till this moment, just four notable exchanges, Upbit, Bithumb, Coinone, and Korbit, have successfully crossed the double requirements, including securing a contract with banks for real-name verification of accounts, that makes them eligible to offer Korean Won (KRW) trading pairs and payment options.
On the other hand, exchanges like Gopax, Huobi Korea, and Gdac, were unable to secure a partnership with any banks and would have to stop operations in the country tonight. Already, ProBit and Problegatr have ceased operations because they were unable to meet the requirements.
Notably, renowned crypto exchanges like Binance, ByBit and BitMex have limited their exposure and services to the Asian country. Two of these exchanges even went as far as removing their support for the Korean language —interestingly, one of the criteria by the FIU when considering an application is the exchange’s support for the country’s language.
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