Four large cryptocurrency exchanges in South Korea, Bithumb, Upbit, Korbit and Coinone are about to face new strict crypto regulation in the upcoming future, TheBchain reports.
According to TheBchain, the exchanges will have to comply with new rules to renew their banking accounts under the new FATF guidance.
The Financial Action Task Force (FATF), also known by its French name, Groupe d'action financière, is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.
Previously iHodl reported that Eric Turner, Director of Research at crypto researcher Messari Inc., said that FATF's recommendations could be "one of the biggest threats to crypto today."
Earlier this year, Bithumb faced a hacker attack which costed to the crypto exchange 3 million EOS (EOS) and 20 million ripple (XRP) assets.
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