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Tuesday

28 September 2021

42 altcoins face crisis as Korea set to close 75% of all its crypto exchanges

42 altcoins face crisis as Korea set to close 75% of all its crypto exchanges


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Approaching the September 24 deadline for foreign and local crypto exchanges to register as legal trading platforms with the authorities, almost 40 out of estimated 60 local operators are about to be shut down, theFinancial Timesreported, citing “industry insiders and regulators.”.

To be able to register with the authorities, South Korean operators must partner with local banks to open real-name bank accounts for customers, but, as the report pointed out, local lenders were reluctant to take that route, scared of being exposed to money laundering and other financial crimes.

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