Korea Will Ban All Crypto Exchanges Which Are Running Without Permission

Korean Authorities are planning to restrict & ban those Cryptocurrency exchanges which didn’t get permission from any of the relevant authorities of Korea. 

The Financial Services Commission (FSC) of S. Korean published their restrictive guidelines for crypto exchange & services which are running their operations in Korea. 

According to their published guidelines, they will ban those crypto exchanges/services which didn’t received permission to operate their services from relevant financial regulators and still they are running their business openly. 

FSC submitted this guideline to the policy committee in South Korea’s National Assembly. And then the assembly will approve the guidelines that are issued for non-permitted crypto exchanges. According to reports, they will further check all those minimum existing requirements & guidelines whether those Exchanges are following or not, then failed exchanges will be kicked out from S.Korea. 

According to the FSC, those unregistered crypto services will get a further 6 month time to be authorized by FIU.

Foreign cryptocurrency exchanges targeting Korean people will face blocked access to their websites and criminal probes unless they register with South Korea’s anti-money laundering body, the nation’s top financial regulator said Thursday. (Korea Herald) https://t.co/MZqWr9g4R7

— Financial Services Commission – FSC Korea (@FSC_Korea) July 22, 2021

In general, all the crypto services which are in S. Korea should have permission & approval to run their business/services from the Financial Intelligence Unit (FIU). FIU is a South Korean government authority which restricts money laundering activities. 

According to existing rules regulation & guidelines every Crypto exchange which are running in the Korean, should have to comply with the strict rules of KYC ( username with the associated trading account & bank account should be same). And also they should follow Anti money laundering law perfectly.

Read also: Currency.com confirmed their plans to become executive member of CryptoUK

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