Korean stock markets are scrapping high-risk coins as they face strict regulations

Crypto trading platforms in South Korea are scrapping certain digital currencies as they move to comply with stricter industry regulations. Trading in some risky currencies has been halted or completely suspended on several Korean exchanges this week. South Korean exchanges cleared trading listings of risky digital assets To comply with Seoul's new stricter regulations for the cryptocurrency sector, Korean exchanges are now clearing trading listings of risky assets. According to a report from Arirang, a number of crypto trading platforms have temporarily suspended or terminated the exchange of some digital currencies while warning customers to be wary of other currencies. The publication shows that 11 of the 20 exchanges that have already obtained Information Security Management System (ISMS) certification have made such changes. Among them are some of Korea's leading crypto exchange providers, and observers see the move as an attempt to meet new requirements for government approval. Upbit has so far decided to scrap five digital currencies from Friday: paycoin, maro, watchdog, solvent.care and quiztok. Huobi Korea has stopped trading of the Huobi token. Coinbit has terminated eight cryptocurrencies trading and added 28 more coins to a list of alerts posted for its users. Cryptocurrency exchanges trying to please banks and regulators on Seoul South Korean crypto exchanges are now required to register with the Financial Supervisory Service (FSS). In May, the government commissioned the agency to oversee the country's growing digital asset market. In order to operate legally, trading platforms in partnership with local banks must open real bank accounts for their clients. However, Korean financial institutions are reluctant to get involved in the crypto space. It was recently reported that only four crypto exchanges – Upbit, Bithumb, Coinone and Korbit – are currently partnering with commercial banks.

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