The last due date for registration for crypto exchanges in South Korea came to an end on September 24. And out of 40 odds crypto exchanges left in the nation, just four made the final cut. South Korea’s most current AML guidelines which came into result in January need crypto exchanges to do away with shadow banking accounts and partner with banks to offer genuine banking facilities to the customers. However, out of 300 odd crypto exchanges practical at the time just a fractional four has made the final cut.
The Financial Service Committee (FSC) had extended the deadline for registration to September 24 after none of the crypto exchanges stepped forward till the first due date in March. Nevertheless, even after the 2nd extension, only four could make the final cut. The four crypto exchanges that would now lawfully operate under the brand-new standards would consist of Upbit, Bithumb, Coinone, and Korbit.
Among smaller sized exchanges, Gopax was the only one that tried till the last moment to get a banking partnership but on Friday it exposed that none of the local banks were ready for a collaboration. Upbit has an agreement with internet-only K bank, Bithumb and Coinone are with NongHyup Bank, and Korbit with Shinhan Bank.
4 Crypto Exchanges to Rule the Entire South Korean Crypto Market
The four signed up crypto exchanges would now be exclusively responsible for the entire crypto trading in South Korea unless other crypto exchanges apply for a license. Based on information released by Rep. Noh Woong-rae of the judgment Democratic Party of Korea earlier this month, the pointed out four crypto exchanges control 97.5% of the South Korean crypto market.
Banks have hesitated in getting involved with the crypto exchanges fearing loss of trust in case crypto exchanges deal with any concerns. But, the lack of competitors in the market might likewise end up being a crucial issue in the future.
The post S.Korea Regulations: Here’s the List of Crypto Exchanges that Made the Final Cut appeared initially on Coingape.