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19 September 2021

FSC Regulatory Overhaul Expected to Shut Down 40 Crypto Exchanges in South Korea – Bitcoin News

FSC Regulatory Overhaul Expected to Shut Down 40 Crypto Exchanges in South Korea – Bitcoin News


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According to FT, it is expected that 40 of the 60 exchanges that operate in the country will be closed due to the inability to comply with the new regulatory framework issued by the Financial Services Commission.

This rule, which has a deadline for next September 24, establishes that all exchanges need to register with the institution to operate in the country.

However, many of these exchanges have no way of complying with the requisites to do so.

International exchanges are also affected by the measure and need to register with the FSC.

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