Many of South Korea’s Small Crypto Exchanges Set to Disappear
- Regulatory clampdown to affect minimal portion of volume
- Holders of ‘Kimchi coins’ likely to be most heavily affected
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South Korean regulators are set to shut down dozens of cryptocurrency exchanges in coming days, though the impact is likely to be felt only on the margins of the industry given the low volumes involved.
About 35 trading platforms -- out of a total of 63 -- have not received the certification required to register with the Financial Intelligence Unit, according to the government. Since the certification process takes three to six months and the deadline is Sept. 24, it will be “virtually impossible” for exchanges that haven’t already won approval to get it in time, the regulator said.