South Korean regulator to shut down dozens of unlicensed crypto exchanges

On September 16, South Korean regulators will shut down dozens of cryptocurrency trading platforms in the coming days, but considering the low business volume involved in these platforms, this action will not have a major impact on the South Korean crypto market.

According to the South Korean government, about 35 of the total 63 trading platforms have not yet obtained the certification required to register with the Financial Intelligence Unit. The regulator said that since the certification process takes three to six months and the deadline is September 24, it is almost impossible for exchanges that have not yet been approved to obtain certification in time. However, this regulatory move is not expected to have a major impact on South Korea's cryptocurrency activities.

Noh Woong-rae, a member of the ruling party of South Korea, said last week that the country’s four largest trading platforms, including Upbit and Bithumb, have been registered as legal trading platforms, and their trading volume accounts for about 97% of South Korea’s trading volume.