- South Korea moves to regulate crypto exchanges.
- BitMEX removes the Korean language from its site ahead of the September 24 deadline.
- Only four exchanges have fully registered and 40 may close down.
Further, the new Anti-Money Laundering rules are required of local exchanges and foreign exchanges operating in the country. Also, exchanges that offer won-denominated trading pairs or the Korean Language must file.
Even more, The Korean regulators stated that all exchanges have to register with its anti-money laundering arm by September 24. They asserted that any exchange that fails to register will stop operating in the country.
Clearly, with the introduction of the new crypto requirements in South Korea, dozens of exchanges may likely close shop. On that note, BitMEX will be joining other exchanges such as Binance and Bybit to withdraw their Korean language services.
Going back, Binance revealed it removed the Korean Language, won payment options and trading pairs in August. Also, just last week, Bybit informed its users it was stopping Korean language support in its platform.
To add on, BitMEX sees the order as one that will help ‘advance the rapidly growing asset class.’ To affirm their support to the regulation, BitMEX says:
We fully support the efforts of regulators to help establish standards for cryptocurrency products.
According to reports, close to 60 exchanges will have to at least partially stop services today. Likewise, 40 exchanges may fully quit operations. So far, only four exchanges have registered under the specified demands of the Korean government.