Only 10 Crypto Exchanges Managed to Register in South Korea

In South Korea, only 10 cryptocurrency exchanges managed to register with local authorities before the deadline, according to a local news agency.

In April, the country’s Financial Services Commission instructed all virtual asset service providers in South Korea to register with its anti-money laundering unit, the Financial Intelligence Unit (FIU), by September 24.

Full registration requires security certification as well as partnerships with banks for real-name verification accounts. Exchanges are in a hurry to submit their documents. Five, Flat Thai X, Gdac, Graybridge, OK-BIT, and Praban submitted documents yesterday along with Gameper’s curator.

Only Bithumb, Coinone, Korbit, and Upbit have traded real-name bank accounts, which are required in order to offer Korean Won Pairs (KRW) and payment options.

According to CoinDesk Korea, exchanges Gdac, Gopax, ProBit, Problegate and Huobi Korea failed to secure the partnerships and were forced to stop trading KRW.

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