London Daily

Focus on the big picture.
Thursday, Sep 11, 2025

Korea: Regulator to Shut Down 11 Crypto Exchanges, Deadline Closing In

Korea: Regulator to Shut Down 11 Crypto Exchanges, Deadline Closing In

According to local news, South Korea’s financial regulator will shut down 11 cryptocurrency exchanges allegedly engaged in fraudulent bank account schemes. At the same time, the deadline for all crypto exchanges to comply with the country’s regulation is closing in and most have not been able to meet the requirements.

South Korea’s financial regulator, the Financial Services Commission (FSC), reportedly will shut down 11 cryptocurrency exchanges, The Korea Herald reported Monday, according to unnamed industry sources.

The reason for the closure is that the 11 exchanges allegedly used fraudulent collective bank accounts and the FSC plans to notify prosecution and police of the alleged illegal activities, the sources added, noting that the exchanges will find it impossible to get approvals from the FSC to continue their businesses.

The names of the exchanges have not been disclosed.

Crypto exchanges must obtain approval from the Korean regulator by Sept. 24 to continue operations in the country. Efforts to provide more time for exchanges to comply with regulations have been dismissed. Power Party Congresswoman Cho Myeong-hee hoped to extend the deadline until Dec. 24, without success. The FSC stands by its Sept. 24 deadline, stating that crypto exchanges have already been given a six-month grace period.

One of the requirements is for crypto exchanges to partner with local banks to open real-name accounts for customers. However, banks have been reluctant to partner with exchanges other than the top four: Bithumb, Upbit, Coinone, and Korbit. Without the ability to offer real-name accounts, exchanges are not able to operate in the country. This means also foreign based crypto exchanges servicing Korean customers.

Several mid-sized exchanges have already announced plans to shut down or suspend services. Darlbit went out of business on July 15. CPDAX said on July 30 it will terminate services on Sept. 1, emphasizing: “It is not a temporary but a permanent measure to close business. Those who possess cryptocurrencies in the account must withdraw them before 3:00 p.m. on Aug. 31.”

Another requirement is that exchanges must obtain an Information Security Management System (ISMS) certificate. Many crypto exchanges in South Korea also find it difficult to meet the requirements for this certification. The publication noted that Bitsonic exchange, for example, announced on July 30 that it will temporarily stop providing services to renew its service systems in order to meet the ISMS requirements.

Source: Korea: Regulator to Shut Down 11 Crypto Exchanges, Deadline Closing In – Fintechs.fi

Newsletter

Related Articles

0:00
0:00
Close
The British legal mafia hit back: Banksy mural of judge beating protester is scrubbed from London court
Surpassing Musk: Larry Ellison becomes the richest man in the world
Embarrassment for Starmer: He fired the ambassador photographed on Epstein’s 'pedophile island'
Manhunt after 'skilled sniper' shot Charlie Kirk. Footage: Suspect running on rooftop during panic
Effective Protest Results: Nepal’s Prime Minister Resigns as Youth-Led Unrest Shakes the Nation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
King Charles and Prince Harry Share First In-Person Moment in 19 Months
Starmer Establishes Economic ‘Budget Board’ to Centralise Policy and Rebuild Business Trust
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Brazilian police say ex-President Bolsonaro had planned to flee to Argentina seeking asylum
Trinidad Leader Applauds U.S. Naval Strike and Advocates Forceful Action Against Traffickers
Kim Jong Un Oversees Final Test of New High-Thrust Solid-Fuel Rocket Engine
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Supreme Court temporarily allows Trump to pause billions in foreign aid
Charlie Sheen says his father, Martin Sheen, turned him in to the police: 'The greatest betrayal possible'
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
Pig Heads Left Outside Multiple Paris Mosques in Outrage-Inducing Acts
Nvidia’s ‘Wow’ Factor Is Fading. The AI chip giant used to beat Wall Street expectations for earnings by a substantial margin. That trajectory is coming down to earth.
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
On the Anniversary of Queen Elizabeth’s Death: Prince Harry Returns to Britain
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Murdoch Family Finalises $3.3 Billion Succession Pact, Ensuring Eldest Son’s Leadership
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Court Staff Cover Up Banksy Image of Judge Beating a Protester
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
Elon Musk Poised to Become First Trillionaire Under Ambitious Tesla Pay Plan
France, at an Impasse, Heads Toward Another Government Collapse
Burning the Minister’s House Helped Protesters to Win Justice: Prabowo Fires Finance Minister in Wake of Indonesia Protests
Brazil Braces for Fallout from Bolsonaro Trial by corrupted judge
The Country That Got Too Rich? Public Spending Dominates Norway Election
Nearly 40 Years Later: Nike Changes the Legendary Slogan Just Do It
Generations Born After 1939 Unlikely to Reach Age One Hundred, New Study Finds
End to a four-year manhunt in New Zealand: the father who abducted his children to the forests was killed, the three siblings were found
Germany Suspends Debt Rules, Funnels €500 Billion Toward Military and Proxy War Strategy
EU Prepares for War
BMW Eyes Growth in China with New All‑Electric Neue Klasse Lineup
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
US Justice Department Launches Criminal Mortgage-Fraud Probe into Federal Reserve Governor Lisa Cook
Escalating Drug Trafficking and Violence in Latin America: A Growing Crisis
US and Taiwanese Defence Officials Held Secret Talks in Alaska
Report: Secret SEAL Team 6 Mission in North Korea Ordered by Trump in 2019 Ended in Failure
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Florida Murder Case: The Adelson Family, the Killing of Dan Markel, and the Trial of Donna Adelson
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
×