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Major cryptocurrency exchanges in South Korea are actively delisting obscure altcoins from their platforms to follow the amendment to the Act on Reporting and Using Specified Financial Transaction Information.
Major Korean Exchanges are Delisting Obscure Altcoins
Top South Korean crypto exchanges have taken to delisting altcoins from their platforms in preparation for the new crypto exchange law scheduled to go into effect in September 2021.
The new crypto law called the Act on Reporting and Use of Certain Financial Transaction Information requires crypto exchanges to sign contracts with banks to support fiat-to-crypto trading on their platforms and offer real-name accounts on won deposits and withdrawals.
Usually, banks are reluctant to offer real-name accounts as they don’t want to be held responsible for possible money laundering and crypto-asset fraud cases.
Hence, crypto-friendly banks like NH Nonghyup Bank, and Shinhan Bank, among others, are now reviewing the operations of these exchanges for the removal of low-liquid coins for lesser risks.
The country’s largest exchange by trading volume, Upbit has already announced the delisting of 25 altcoins including Bithumb delisting four altcoins.
On the other hand, the third-largest exchange in Korea, Coinbit, has announced the delisting of eight altcoins with another 28 coins shortlisted for delisting.
Meanwhile, APRObit is set to remove 11 tokens from its platform with Flybit, Huobi Korea, and GDAC all set towards reviewing their delisting spree.
Iranian Authorities Seizes 7,000 Bitcoin Mining Machines
Iranian authorities have reportedly confiscated about 7,000 cryptocurrency mining machines at an illegal farm in the latest development with the country’s crackdown on illegal bitcoin mining.
The latest seizure is Iran’s largest seizure of cryptocurrency mining machines to date. In January, the Iranian government confiscated over 1,500 unlicensed crypto mining farms followed by the confiscation of 45,000 bitcoin mining rigs in the same month.
Crypto mining in Iran is an authorized activity that requires miners to obtain a license from the country’s Ministry of Industry, Mine, and Trade. However, many miners are operating in Iran illegally without obtaining a license, according to authorities.