Sept. 24, 2021 will be remembered by some local cryptocurrency fans as doomsday as some 30 exchanges were forced to close and another two dozen became the walking dead with a big chunk of their business now forbidden.
Doomsday is here for cryptocurrency exchanges, and so far only one of 60 has received the greenlight from authorities to continue operating.
The Financial Services Commission (FSC) announced Friday night that Dunamu, operator of cryptocurrency exchange Upbit, is the first virtual asset service provider to complete registration with the government.
Dunamu released a statement Tuesday saying it is not a Kakao company and asked media outlets to not refer to the company as an affiliate or subsidiary of Kakao.
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.
Lee Sirgoo, CEO of Dunamu, said he expects complex blockchain technology to increasingly affect people’s daily lives as many services and businesses are developed using the technology, while closing the two-day Upbit Developer Conference on Thursday.
The blockchain business is becoming larger and more sustainable, according to Song Chi-hyung, chairman of Dunamu, which operates Upbit, during the Upbit Developer Conference (UDC) 2021 held online on Wednesday.
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.
Only one cryptocurreny exchange has fully complied with new laws covering their operation and registration, while 21 are still trying to meet requirements set out to stay in business in Korea.