Eleven Crypto Exchanges in South Korea To Close

According to the Korea Herald, the Financial Services Commission (FSC), South Korea's main financial regulator, has closed 11 local crypto exchanges due to their involvement in illegal activities. The list of exchanges that will have to cease their activities remains unclear.

Upbit and Bithumb, two of the largest crypto exchanges in the country, are among the few cryptocurrency trading platforms that have opened bank accounts to identify customers by real name. It has been obligatory in South Korea since 2018 in order to root out money laundering and other forms of fraud.

Regulatory restrictions do not only apply to local cryptocurrency exchanges. Foreign crypto exchanges must also register with the Korea Financial Intelligence Unit (KFIU) by September 24. Otherwise, they will be forced to close down or face criminal charges.

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