After South Korea’s deadline for registering crypto exchanges, many crypto exchanges have started removing Korean language materials. Binance and Bybit had already removed Korean language materials, and recently, BitMEX has joined them in that.
In their blog post published yesterday, BitMEX stated that they removed all Korean language from its site and trading platform. They mentioned:
“With the introduction of new local regulatory requirements in South Korea on 24th September 2021.”
Previously, Binance had announced that it is removing Korean won payment options and trading pairs from its website in August. In fact, the crypto exchange discontinued its P2P merchant applications and users had to complete all trades with the trading pair Won before 11:00 AM UTC to avoid losses.
Moreover, Bybit stated recently that it is stopping Korean language support to its platform. Also, the exchange said that it would end its official Korean community support on social media channels. However, citizens can still access the platform and trade in the country in the English language.
In April, the country’s Financial Services Commission said that crypto exchanges must register with its anti-money laundering firm. The commission gave a deadline date of 24th September to comply with the regulations.
In order to register, the crypto exchange has to fulfil certain cybersecurity criteria. Also, they have to set up partnerships with banks for real-time registration.
Till now, only four crypto exchanges, Upbit, Bithumb, Coinone, and Korbit have successfully registered with the commission.
According to Reuters, around 60 crypto exchanges have partially suspended their service. Moreover, 40 crypto exchanges have completely stopped operating.