South Korean crypto exchange Gopax, which is backed by Digital Currency Group, is facing potential closure ahead of the country’s fast-approaching deadline for platforms to submit their requests for an official operating license.
To be eligible for a license, all crypto exchanges must show evidence that they are operating using real-name accounts at South Korean banks. The catch is that domestic banks have, for the most part, refused to engage in any risk assessment process for the country’s numerous small and medium-sized exchanges and have only been confident enough to service the country’s top four trading platforms: Upbit, Bithumb, Korbit and Coinone. The deadline for all license applications is now just one week away, on Sept. 24.
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