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S. Korea's mid-sized crypto exchanges discontinue trading pairs in won
Medium-sized South Korean cryptocurrency exchanges have discontinued trading pairs and payment services using the Korean currency as financial regulators are set to enforce tougher rules.
Some medium-sized exchanges have suspended trading pairs using the Korean currency or announced the suspension of such trading include Flybit, Coredax, and Foblgate.
By Friday next week, both foreign and local cryptocurrency exchanges targeting Korean investors must register with the nation's anti-money laundering body and get a security certificate from South Korea's internet security agency.
Only 28 out of 63 exchanges have obtained such a certificate.
They also must have real-name bank accounts or be banned from withdrawing money for cryptocurrency trading.
Currently, only major exchanges Bithumb, Upbit, Coinone, and Korbit have real-name bank accounts issued by commercial banks.
The 24 exchanges which obtained the certificate can continue their businesses after Sept. 25 but would be unable to continue trading pairs using the Korean currency due to the lack of real-name bank accounts.
The exact amount of cryptocurrencies traded on medium-sized or small exchanges is unknown, but market watchers said they account for about 5 to 7 percent of total cryptocurrency trading in South Korea.