More than 60 crypto exchanges in South Korea must notify users of a partial or complete trading ban by Friday midnight, one week before new legislation takes effect.
Exchanges must register with the Financial Intelligence Unit by September 24 and provide a security certificate from an internet security organization to continue functioning. They must also work with banks to verify that real-name accounts are maintained.
Exchanges that have not yet registered must cease operations by September 24, while those that have registered but have yet to get banking relationships will be barred from trading in won.
“Shall any or all services need to be halted,” the Financial Services Commission warned earlier this week, “(exchanges) should notify consumers of the planned closing date and procedures to withdraw money at least seven days before the shutdown.” It stated that this should be accomplished by September 17th.
Nearly 40 exchanges have announced that all services would be suspended. A total of 28 people have security certificates but no bank relationships.
Only four companies have registered and acquired partnerships, allowing them to make winning settlements: Upbit, Bithumb, Coinone, and Korbit.
Some smaller exchanges, including ProBit, Cashierest, and Flybit, have already announced that they will stop trading in won and focus solely on digital coins until they can get bank relationships.
