Despite being only hours away from the registration deadline, just ten out of dozens of crypto exchanges in South Korea have gone through the required registration with the authorities.
The Financial Services Commission of South Korea mandated in April that all virtual asset service providers in the country register with the Financial Intelligence Unit.
Five exchanges, namely Gdac, Graybridge, OK-BIT, Prabang, and Flat Thai X, submitted their registration yesterday, just like custodian Gameper.
Upbit, Bithumb, Korbit, and Coinone, which are the biggest exchanges in the country, have already signed the deal for real-name verification accounts with banks. Gopax, Gdac, and Huobi Korea didn’t manage to get a partnership, which means they will stop KRW trading from tonight.
This still leaves about 40 exchanges that haven’t indicated if they plan on following through with the requirements or not.