coinquora.com
- Bifront exchange prepares to limit its crypto services in South Korea.
- This is because of South Korea’s anti-money laundering laws against cryptos.
- This will mainly occur on Sept. 14, 2021.
Bitfront exchange, a subsidiary of Japan tech giant LINE, would limit its crypto services in South Korea on Sept. 14, 2021.
Based on a report, Bitfront exchange will stop offering its services mainly in the Korean language during that time. Also, Bitfront exchange will not allow anyone to make payment on any of their services using a Korean-based credit card.
Of note, all these would happen when the scheduled time is due. Bitfront exchange decided to partly halt its services due to how South Korea is tightening its anti-money laundering laws. Specifically, the regulation is mostly against virtual currencies.
According to the statement, this eventually marks the first time in history that foreign exchanges are potentially limiting their services in the country. Notably, due to unfriendly crypto regulations.
Regarding the regulation, South Korea has asked crypto exchanges to register their services before Sept. 24, this year. In turn, the authorities in charge have also asked all the existing exchanges to acquire a “certificate on information security”.
In addition to this, to be eligible to operate in the country, virtual asset service and crypto exchange providers’ certificates should be accredited by the Korea Internet and Security Agency. Furthermore, starting on Sept. 25, crypto exchanges that do not have real-name bank accounts will be deprived of withdrawals.