Tech Forums & Message Boards. Discuss Newest & Greatest Tech Trends. › Tech Forums & Message Boards. Discuss Newest & Greatest Tech Trends. › General Talk › 60 Crypto Exchanges Expected to Shut Down or Reduce Services
MemberSeptember 22, 2021 at 6:49 am
Under the “Act on the Reporting and Use of Specific Financial Transaction Information (Special Act),” crypto exchanges must be Information Security Management System (ISMS)-certified and register with the South Korean Financial Intelligence Unit (FIU) by Sept. 24. Crypto exchanges that fail to do either must cease operations on that date.
According to local media, 34 exchanges have not received ISMS certification, so they are expected to shut down entirely on Sept. 24.
A total of 29 crypto exchanges have been ISMS-certified but only one has successfully registered with the FIU, a unit of the Financial Services Commission (FSC), the country’s top financial regulator.
The Financial Intelligence Unit held its first crypto business review meeting Friday to review the report submitted by Dunamu Inc., the operator of Upbit, the largest crypto exchange in the country. The review committee accepted the report, making Upbit the first licensed crypto exchange operator in the country.
The FIU further revealed Friday that besides Upbit, four other crypto exchange operators have submitted a report: Bithumb, Korbit, Coinone, and Korea Digital Exchange (Flybit). In addition, a wallet operator, Korea Digital Asset (KODA), has also submitted a report.
MemberSeptember 24, 2021 at 5:42 pm
Does that mean that whole business can go down somehow in respective regions.
MemberSeptember 25, 2021 at 5:48 pm
I think so.