According to Korean media, Bitfront, a US-based crypto trading platform, will stop services in South Korea until stricter industry rules are in place in September. The exchange, which is a subsidiary to Japanese tech giant Line, can currently be accessed by Korean traders.
Line’s Bitfront Exchange to Cease Services For Korean Cryptocurrency Traders
Bitfront would join other platforms looking to exit South Korea’s cryptocurrency market with stricter regulations. Korean media reported that the U.S.-registered entity, which was created by Line, a Japanese messaging apps company, will restrict its services in South Korea next month.
Yonhap claims that the exchange will cease providing Korean service in mid-September. “Bitfront, citing stricter regulations, also stated it would stop payments with Korean credit card cards on September 14,” the news agency stated in a statement. ReportForeign crypto exchanges “looking the other way” from South Korea in anticipation of the upcoming changes
Bitfront will stop its Korean-language marketing activities via social media channels like “Facebook Telegram, Line and Telegram for its Korean customers this Month,” the Korea Economy Daily Additional, citing industry sources on Tuesday. Bitfront was at the time of writing. WebsiteKorean version is still available.
Due to regulatory changes, foreign cryptocurrency exchanges leave South Korea
After a six month grace period, the stricter rules that were introduced with the revised law concerning special funds on March 25 will be in effect in September. They require cryptocurrency trading platforms must register with Korea’s anti money laundering body, Financial Intelligence Unit (FIU) by September 24th and cooperate with national banks in order to issue accounts in real names. Non-compliance can result in blocking access, penalties, and even criminal prosecution.
In July, the country’s Financial Services Commission was (FSCMore than two dozen exchanges that target Korean nationals were warned by ( As banks in Korea fear money laundering, fraud and other cryptography risks, they have not been able to partner with smaller or overseas-based exchanges. Yonhap stated that exchanges will not be allowed to withdraw money for cryptocurrency trading after September 25 if they do not have real names bank accounts.
Binance, the world’s largest cryptocurrency exchange, announced last Wednesday that it was discontinuing the offering of many products and services to South Korea. The move was announced Friday. It involves the end of Korean won trading pairs, payment options, peer-to-peer (P2P), trading apps, and Korean language support. FTX Trading, another overseas digital asset trading platform, has removed Korean from the language options on its website.
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