First Korean Exchange Registered With Authorities in South Korea
The Upbit platform became the first cryptocurrency exchange in South Korea to receive Financial Services Commission (FSC) approval.
The Financial Services Commission announced Friday night that Dunamu, operator of cryptocurrency exchange Upbit, is the first virtual asset service provider to complete registration with the government. https://t.co/Q1iIRcZMzt— Korea JoongAng Daily (@JoongAngDaily) September 17, 2021
The South Korea's Financial Intelligence Unit (FIU), a department under the FSC, has reportedly reviewed the business report of Dunama Co., Ltd, which is the operator of Upbit.
So far, only six companies have submitted to the FIU the documents required to continue their digital asset-related activities.
South Korean regulators are set to shut down dozens of cryptocurrency exchanges in coming days https://t.co/eHZRpNwauC— Bloomberg (@business) September 16, 2021
South Korean bitcoin exchanges must register with the FSC by September 24, 2021. To do this, they need to meet the requirements of the department. Crypto exchanges that don't register by Sept. 24 face being shut down in South Korea.
According to the Financial Times, in a week, 40 of the approximately 60 cryptocurrency exchange operators in the country will cease operations due to non-compliance with FSC standards. They are required to notify customers of a possible shutting down no later than September 17th.
Cryptocurrency traders in South Korea, one of the world’s biggest digital currency markets, are bracing for losses of more than $2.6bn as two-thirds of the country’s crypto exchanges are set to be wiped out in a regulatory overhaul https://t.co/E8VKeB1qkV— Financial Times (@FinancialTimes) September 13, 2021
Earlier, crypto exchanges Gopax, Bybit and Binance announced the end of support for the South Korean Won on their platforms.