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Tuesday

28 September 2021

Majority of Korean crypto exchanges to shut down this month, insiders say

Majority of Korean crypto exchanges to shut down this month, insiders say


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The deadline for South Korean crypto exchanges to meet new compliance requirements is looming fast, with all operators expected to submit requests for an official license with the Financial Services Commission (FSC) no later than Sept.

Moreover, estimates by Kim Hyoung-joong – a professor and head of the Cryptocurrency Research Center at Korea University – predict that the mass exchange closures will eliminate 42 “kimchi coins” – a moniker for smaller altcoins that are listed on smaller platforms and traded against the Korean won.

With altcoins estimated to account for 90% of traded volume in South Korea’s crypto markets, the FSC has reportedly advised those exchange operators who expect to shut down to notify their clients no later than Sept.

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