Korean Watchdog Warns Authorities Might Ban 200 Crypto Exchanges in Q3
Main page News, South Korea, Crypto Market, Regulations, Cryptocurrency
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April 22, 2021

South Korea might close over 200 cryptocurrency exchanges in Q3, 2021, if they do not follow the regulations, a local news outlet Chosun reports, citing Eun Seong-soo, Chairman of the Financial Services Commission (FSC). Eun also added, the government has no plans to protect cryptocurrency investors despite the fact it is going to tax them.

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"They [cryptocurrency exchanges] could be shut down suddenly in September," Eun said.

According to the FSC Chairman, approximately 200 cryptocurrency exchanges in South Korea should register to operate. However, "none of them" has completed the process yet, Eun noted.

OKEx Korea Announces It is Shutting Down Next Month

Eun's warning comes after the FSC obliged South Korean digital asset companies to comply with anti-money laundering requirements. The Cabinet of Ministers of the country gave its support to a series of amendments to the Act on Reporting and Using Specified Financial Transaction Information aimed at the field of cryptocurrencies.

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