September 09, 2021 13:34
Korea's top cryptocurrency exchanges will be able to stay in business because they have obtained certificates for investors' real-name bank accounts to report to financial authorities.
All cryptocurrency exchanges are required to report the certificates by Sept. 24 to continue their business in the government's bid to regulate the booming trade.
No. 2 Bithumb and No. 3 Coinone extended their contracts with NH Nonhyup and No. 4 Korbit with Shinhan Bank. Upbit, the country's No. 1, already had its contract with K Bank renewed last month.
But a staggering 59 other exchanges have yet to meet the requirement and face going under.
Upbit, Bithumb, Coinone and Korbit also managed to verify their information management system (ISMS), as did 17 other smaller exchanges. Those without verified ISMS cannot trade in cryptocurrency.
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