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Crypto trading is a fascinating business and has accumulated the interest of various investors, traders, and financial gurus from around the world. You need access to a crypto exchange simply like a stock market, but here the cryptocurrencies are being traded in places of stock. Not every exchange that you come around is legit or not trying to scam you; something serious happens happened in South Korea where a total of 11 exchanges have been terminated from operating any longer because of the fact they were not up to the regulatory standards of the country when it comes to cryptocurrencies.
There is an ongoing inspection being launched by financial regulation agency or South Korea, and amid this inspection, some illegal activities have been spotted among various exchanges, and that is why they are subjected to imminent close. They won’t be able to continue their operations and have been blacklisted in the country. The South Korea financial whistle circa mission is not only active but is taking this matter rather seriously; the charges on account of which those exchanges were closed include the use of fraudulent accounts. This is not a light charge, and therefore imminent termination of these exchanges is in effect.
Unregulated Crypto Exchanges Cannot Work in South Korea Anymore
The only information disclosed is the number of exchanges, and there are 11 in total; their names have not yet been shared with the press on secrecy grounds. For sure, these exchanges will not be able to continue their operation in the country or reapply for getting approval from the FSC in future endeavours. This is not the first time a South Korean crypto exchange has run out of business; Deribit was another exchange put out of business on account of suspending their deposit and withdrawal service.
This sends a rather clear message that any exchange that wishes to continue its operation in South Korea will have to abide by the rules and regulations set up by the FSC, or their time in South Korea is done.