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28 September 2021

South Korean Crypto Investors Could Lose over $2.5 billion due to Regulatory Crackdown

South Korean Crypto Investors Could Lose over $2.5 billion due to Regulatory Crackdown


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With South Korean regulators set to shut down local cryptocurrency exchanges that fail to meet up the requirements before the deadline later in September, investors in the country could experience losses worth over $2.5 billion. .

The Financial Services Commission (FSC) mandated all cryptocurrency exchanges operating in the country, along with foreign exchanges using the Korean won to utilize real-name accounts before the September 24 deadline.

With only 20 local exchanges that seem to have made effort to fulfill part of the FSC’s requirements, about 40 cryptocurrency operators could shut down later in September

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