- The deadline for South Korea’s strict new regulations is almost here.
- The FSC is not budging on extending the deadline.
- About 2/3 of the country’s crypto exchanges will likely shut down.
South Korea’s financial regulator — the Financial Services Commission (FSC), has set a deadline for all crypto exchanges operating in the country. The deadline is set for September 24.
In light of this new deadline, many crypto exchanges are unable to meet the FSC’s requirements. Hence, it seems that over 24 crypto exchanges have decided to close shop instead.
In most cases, meeting these requirements needs more time. To combat this, some crypto exchanges are limiting their offerings. For instance, Huobi Korea cut its support in the region about a month ago.
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