Major cryptocurrency exchanges Bithumb, Coinone and Korbit all appear to have reached deals with banks that will allow them to survive beyond the Sept. 24 deadline.
The country's major cryptocurrency exchanges -- Bithumb, Coinone and Korbit -- are likely to extend their partnerships with banks soon, which would give them a way to survive beyond Sept. 24.
Bithumb, Coinone and Korbit announced Tuesday that they have established a corporation that will help them abide by the so-called travel rule, an anti-money laundering standard.
Upbit is by far the largest cryptocurrency exchange in Korea and the second largest globally in terms of trading volume.
As the Sept. 24 deadline nears to complete their registration with the government, cryptocurrency exchanges are ramping up efforts to increase transparency in their businesses by scouting compliance experts and partnering with accounting firms.
The country’s largest crypto exchanges are sweating it out with smaller, less-credible competitors as banking relationships are uncertain and they could find themselves unable to operate legally in Korea later this year.
Big cryptocurrency exchanges continue to cut the number of altcoins they offer as they seek banking relationships.
Bithumb announced Wednesday that it will waive trading commissions on 100 types of coins through July 8.
Bithumb Korea, the operator of the Bithumb crypto exchange, posted a 222.6 billion won ($197.6 million) net profit in the first quarter, up 876 percent year on year, according to a disclosure by the company’s major shareholder.
Delays and suspensions at Korean cryptocurrency exchanges are rattling investors, especially as the country has no laws to protect them from losses incurred due to systems errors.