- Crypto exchanges have about a month left to meet South Korea’s regulations.
- Failing to do so would mean closing up or suspending operations.
- So far, only Upbit has managed to meet the necessary requirements, many have given up.
Amid South Korea’s steady steps to tighten crypto regulation within its borders, many crypto exchanges are falling from grace. Despite the political push to give the exchanges more time to comply, the Financial Services Commission (FSC) stands firm on its deadline.
Specifically, only a third of the country’s crypto exchanges have met the ‘minimum requirements’ set forth by the financial regulator. Only if these requirements are met will the exchanges be able to register with the FSC.
So far, 24 crypto exchanges are pretty much closing up shop as they cannot meet the requirements before the regulator’s deadline set on September 24. Although, this still means that exchanges have a chance to meet the standard and set up formal operati...