Regulatory Pressure halts certain South Korean crypto coin exchanges

Category: Asia Crypto
Posted by
Ravindu Dabarera

Exchanges approved by the strict regulators have either suspended some of their currencies or issued warnings on them

KISAThe revised South Korean regulatory framework, updated within the Financial Transactions Reports Act, has caused most of the state approved exchanges to ban certain Korean coins. Among them Upbit, a platform which delisted Paycoin, Maro, Observer, Solve.Care and Quiztok, and Huboi Korea, which delisted its Huobi token, while Coinbit issued a warning for 28 cryptocurrencies, delisting eight others.

Crypto exchanges are now obliged to register with South Korean regulatory authorities by September 24, 2021. Approved exchanges will receive a Security Management System certificate, issued by the Korea Internet and Security Agency. 20 exchanges have already received such a certificate, and eleven out of the bunch have already banned Korean coins.

It would seem that the country is purposefully manipulating its own crypto industry. Past Sunday, the Korea Times reported banks to have denied services to traders that did not comply with identity checks.

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