Cryptopolitan 2021-09-17 20:36:07

60 crypto exchanges in South Korea to be shut down

TL;DR Breakdown South Korea warns crypto exchanges about the deadline for registration with the Financial Authority.At least 10 crypto platforms in South Korea will continue to operate in early October. The South Korean government is joining the long list of regulations against cryptocurrencies. The authority has announced that crypto exchanges not registered with the FIU must abandon their operations before next Friday, the 24th of September. Crypto wallets that operate in the South Korean country without registration must notify their clients they will no longer provide the service. But these crypto trading platforms will also have to explain how clients can withdraw their money so as not to be scammed. FSC focuses on unregistered crypto exchanges South Korea’s regulatory agency FSC said that unregistered crypto exchanges would inform their clients to close their opened domains. This warning must be sent at least seven business days before the wallets close. This is done with the aim that users can calmly withdraw the money they had previously invested in cryptocurrencies. These FSC measures were prompted by the mandatory registration of crypto exchanges a few weeks ago. The commission asked crypto wallets to register with the FIU to comply with the money laundering, theft, and fraud laws that the country dictates. The clause date for registration is till the 24th of September, after which the unregistered crypto pla...

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