Trading platforms in South Korea stop trading some cryptocurrencies!
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Answer Trading platforms in South Korea stop trading some cryptocurrencies!
With the changing rules and regulations governing cryptocurrencies in South Korea, cryptocurrency exchanges have begun to stop trading certain cryptocurrencies, which regulators view as high-risk cryptocurrencies for investors.
According to a report issued by the website,ArirangToday, Wednesday, 11 out of 20 exchanges that obtained the Security Management System certification either stopped trading cryptocurrencies or issued warnings about them.
The cryptocurrency trading platforms featured in the report include:
“Upbit”, which canceled the circulation of the cryptocurrency “Paycoin”, “Maro”, “Observer”, “Solve.Care” and “Quiztok”.
Trading platform Huobi has also suspended trading of the digital currency Huobi, while trading platform Coinbit has suspended trading of 8 cryptocurrencies and put 28 cryptocurrencies on the warning list, according to the same report.
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The certification, issued by the Korea Internet and Security Agency (KISA), is a requirement for cryptocurrency service providers to operate within South Korea.
The certification was developed to coincide with the updated regulatory framework of South Korea’s updated Financial Transaction Reporting Law, whereby all cryptocurrency exchanges must register with the country’s regulators by September 24, 2021.
This development represents another instance in which South Korean regulators are putting more pressure on the local crypto industry.
Last Sunday, the Korea Times reported that banks will start refusing services to customers who fail to comply with identity checks or those who fail to report suspicious activity.
In addition, the country’s financial regulators have begun the process of imposing fines of 100 million won ($89,519) on exchange employees caught trading on their own platforms.
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