South Korea to close 24 of 63 exchanges, 18 under review

Şükriye Akdeniz

Aug 26, 2021

24 of the 63 cryptocurrency exchanges in South Korea will be closed in a short time because they do not meet the needs adequately

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The South Korean financial regulator had previously decided to shut down several local crypto exchanges due to their illegal activities. While the regulations of the crypto exchanges in the country are increasing, it was decided to close 24 of the 63 exchanges in the country, which is more than 1/3 of the crypto exchanges in the country.
FSC announced the decision in a press release.
Last Wednesday, the South Korean Financial Services Commission released a press release. In the statement, it was informed that 24 of 63 cryptocurrency exchanges will most likely be closed at the end of the month.
In addition, 18 exchanges are under investigation.
It has been reported that 18 more exchanges are under scrutiny, apart from the ones that are planned to be closed. In addition, 21 out of 63 cryptocurrency exchanges received certificates. According to the press release, it was stated that even the exchanges that applied could be rejected by KISA, and if such a situation occurs, they would have to close after September 24.
In its statement, the FSC also warned investors to be careful. Exchanges that refuse to report to the FIU have the potential to stop operating shortly or at any time frame, according to the FSC. He advised users investing in these exchanges to take preventive measures to withdraw their cash and crypto deposits.

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