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Over 60 cryptocurrency exchanges in South Korea will suspend operations next week

Over 60 cryptocurrency exchanges in South Korea will suspend operations next week

More than 60 cryptocurrency exchanges in South Korea must notify customers of a partial or complete trading suspension by Friday midnight, one week before a new regulation takes effect.

Exchanges must register with the Financial Intelligence Unit by September 24 and provide a security certificate from an Internet security agency to continue operating. They must also work with banks to ensure 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 secure banking partnerships will be barred from trading in won.

"Should some or all services need to be closed," the Financial Services Commission said earlier this week, "(exchanges) should notify customers of the expected closing date and procedures to withdraw money at least seven days before the closure." It stated that this should be completed by September 17th.

Of all exchanges, nearly 40 are set to suspend all services. A further 28 have security certificates but have not secured bank partnerships.

Only four companies have registered and secured partnerships, allowing them to make winning settlements: Upbit, Bithumb, Coinone, and Korbit.

Some smaller exchanges, such as ProBit, Cashierest, and Flybit, have already announced that they will stop trading in won and focus solely on digital coins until they can secure bank partnerships.

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