Over 60 South Korean Crypto Exchanges Set To Suspend Services Next Week

More than 60 cryptocurrency exchanges in South Korea must notify customers of a partial or full suspension of trading by Friday midnight, a week before a new regulation comes into effect. An anonymous reader writes: To continue operating, exchanges must register with the Financial Intelligence Unit by Sept. 24, providing a security certificate from the internet security agency. They must also partner with banks to ensure real-name accounts. Exchanges that have not registered must shut down services after Sept. 24, while those that have registered but failed to secure partnerships with banks will be prohibited from trading in won. “Should some or all services need to be closed, (exchanges) should notify customers of the expected closing date and procedures to withdraw money by at least seven days before the closure,” the Financial Services Commision said earlier this week. It said this should be completed no later than Sept. 17.