Majority Of Korean Crypto Exchanges To Shut Down This Month, Insiders Say

Read Full Article By Marie Huillet Here 9/13/21

Failure to meet South Korean regulators’ new requirements is expected to wipe out tens of crypto exchange operators.

40 out of 60 South Korean Exchanges are expected to halt all trading.

All operations are required to submit a request for an official license with the Financial Services Commission (FSC) no later than September 24th.

“These four exchanges — Upbit, Bithumb, Korbit and Coinone — already account for over 90% of South Korea’s total traded volume, and experts have in recent months made the case that the FSC’s new framework is poised to further cement the country’s crypto space as a monopolized market.”

Huge investor losses are expected once the freezing of assets begins.