SEOUL (Dispatches) - More than 60 cryptocurrency exchanges in South Korea notified customers of a partial or full suspension of trading by Friday midnight, a week before a new regulation comes into effect.
To continue operating, exchanges must register with the Financial Intelligence Unit by Sept. 24, providing a security certificate from the internet security agency. They must also partner with banks to ensure real-name accounts.
Exchanges that have not registered must shut down services after Sept. 24, while those that have registered but failed to secure partnerships with banks will be prohibited from trading in won.
Just four - Upbit, Bithumb, Coinone and Korbit - have registered and secured partnerships and so will be allowed to make won settlements.
Some smaller exchanges including ProBit, Cashierest and Flybit have already said they will end won trading, and that they will continue operations involving only digital coin trading until securing partnerships with banks.