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First Korean Exchange Registered With Authorities in South Korea

Bitcoin exchange Upbit is the first in South Korea to receive regulatory approval

The Upbit platform became the first cryptocurrency exchange in South Korea to receive Financial Services Commission (FSC) approval.

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 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.

Earlier, crypto exchanges Gopax, Bybit and Binance announced the end of support for the South Korean Won on their platforms.

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