11 South Korean midsize crypto exchanges close amid fears of lawsuits

The implementation of new rules for kryptobirzhi in South Korea continues to follow small and medium-sized kryptobirzhi. A total of eleven mid-sized crypto exchanges could close their operations amid increased regulatory controls, according to a recent report by the Korea Herald.

The country’s highest regulatory body, the Financial Services Oversight Commission (FSC), is facing some illegal activity related to these exchanges, a local report said. The exchange will be asked to close its operations and can be held responsible for illegal activities. Authorities have not released the name kryptobirzh.

The latest money laundering proposals, introduced in January this year, require crypto exchanges in Korea to get rid of fake anonymous corporate accounts and open real-name accounts for customers. However, all 200 crypto exchanges operating in the country failed to obtain approval for the first term. The FSC has now set a second deadline of September 24.

Almost 200 Kryptobirzh Could Go Bankrupt
With the exception of several leading crypto exchanges such as Bithumb, Upbit, Coinone and Korbi, all platforms may be closed by September. Many of the small and medium-sized crypto exchanges have made it clear that the new rules may leave them no choice but to shut them down.

DARLBIT was one of the first crypto exchanges to announce a closure on July 15, while CPDAX announced it would close all transactions by September 1. Bionic, another mid-sized crypto exchange, said it had temporarily stopped working to update its service systems.

The measures taken by the regulatory body allegedly make the crypto Sunday safer for investors and stop all criminal activity, such as money laundering, using digital assets. However, the latest regulatory company is threatening to lay off several crypto exchanges.

Currently, a number of countries are actively developing

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