Only 29 crypto exchanges in South Korea have met the required deadline regarding ISMS certifications and reporting to FIU – the remaining 37 are expected to close for good.
The new act in Korea asked crypto exchanges to obtain a certification from the Information Security Management System (ISMS) and send a report to the Financial Intelligence Unit (FIU) by September 24th at midnight.
Now that the deadline has passed, the Financial Services Commission (FSC) has confirmed that just 29 crypto exchanges have the ISMS certificate and have submitted a report to the FIU. These companies will be analyzed in the following three months.
Furthermore, the act also mentions that exchanges that wish to trade in South Korea also need to collaborate with a local bank so that it can offer real-name accounts to users.
This makes the number even smaller as from the total of 29 exchanges mentioned, just 4 have also started a collaboration with a Korean bank: Upbit, Korbit, Coinone, and Bithumb.
The remaining 25 exchanges may be allowed to function just as crypto-only exchanges.