The Korea Herald, citing its own sources, reports that small cryptocurrency exchanges may close due to tougher regulatory requirements.
According to the new requirements of regulators, cryptocurrency exchanges must open personalized accounts in the real names of clients. However, most exchanges, apart from giants like Upbit, Bithumb, Coinone and Korbit, have failed to meet this requirement. Therefore, 11 sites are considering the possibility of terminating their activities. The publication does not disclose the names of these exchanges.
The Darlbit exchange closed on July 15. Also, the cessation of activity from September 1 was announced by the CPDAX cryptocurrency exchange. Bitsonic will temporarily suspend activities to update systems and implement an Information Security Management System. At the same time, it has a very long time planned for updating: from August 6 to November 30.
Korean exchanges must comply with regulatory requirements by September 24. However, there is a chance that the deadline will be extended until December 24.
Also, Korean regulators obliged foreign cryptocurrency exchanges to register and obtain a license to operate in South Korea until September 24. Otherwise, access to them for users will be blocked.
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