Bitfront crypto exchange announces halt to Korean Services on eve of tough new rules

US crypto trading platform Bitfront is about to end service in South Korea before stricter industry regulations take effect in September, according to Korean media. The exchange, a subsidiary of Japanese tech giant Line, is currently open to Korean traders.

Bitfront Line Exchange stop services for Korean cryptocurrency traders
Due to tighter regulation on the horizon, bitfront’s Digital Asset eXchange is reportedly joining platforms planning to exit the cryptocurrency market in South Korea. A U.S.-based organization founded by line, the Japanese company that handles messaging apps, said it was about to limit its services in the country next month, according to Korean media.

September Korean service will stop in mid-September, according to Yonhap. “Citing stricter rules, Bitfront has also stated that it will stop payments with Korean credit cards on September 14,” the news agency told a news agency dedicated to foreign crypto exchanges “seeking distance” from South Korea pending upcoming changes.

Korean Facebook will “cease Korean marketing activities for Korean customers this month through social networks like Facebook, Telegram and line,” Bitfront said, citing industry sources, The Korea Economy daily reported on Tuesday. At the time of writing, the Bitfront website is still available in Korean.

Foreign crypto exchange leaves South Korea due to changes in legislation
Stricter rules introduced by the revised Private Funds Act, which came into force on March 25, will take effect in September after a six-month grace period. They want crypto trading platforms to register with the Korean anti-money laundering agency, the Financial Intelligence Unit( FIE) by September 24 and cooperate with domestic banks to issue accounts for real names. Failure to comply can lead to access blockages, fines and even criminal prosecution.

In July, the country’s Financial Services Commission (FSC) issued more than two warnings

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