Only 5 South Korean crypto exchanges submitted registration documents before the registration deadline

According to news on September 24, the registration deadline for crypto exchanges set by South Korean regulators has arrived. Currently, only five crypto exchanges (Upbit, Bithumb, Coinone, Korbit and Flybit) and one wallet provider (KODA) have submitted registration documents to the South Korean Financial Intelligence Unit (KoFIU). Only Upbit, the first to submit registration, has been officially approved by the Financial Services Commission (FSC).

Nearly 40 exchanges are expected to suspend all services. Another 29 exchanges that have obtained information security management system (ISMS) certification can continue to operate, but are not allowed to provide transactions denominated in Korean won. These companies are also required to submit registration documents.

FSC Chairman Koh Seung-beom held a meeting with other regulators on Wednesday and ordered strict supervision of exchanges. He said: "Since there are no clear rules to ensure the order of virtual assets, trading transparency is crucial. He urged agencies to closely monitor registrations to minimize damage to investors."