A board at Coinone, a cryptocurrency exchange operator, in Yongsan, central Seoul on Thursday shows the price of bitcoin rising. According to Bithumb, the price of bitcoin in Korea rose 7.89 percent on Thursday.
Oligopoly became a reality in the cryptocurrency trading market with only four exchanges, Upbit, Bithumb, Coinone and Korbit, inking partnerships with banks by the Sept. 24 deadline.
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.
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.
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.
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.
A display at the cryptocurrency exchange Coinone's customer center in Yongsan District, central Seoul, shows the price of bitcoin rising on Tuesday. Bitcoin traded above 57 million won ($48,300) while Ethereum traded at 3.88 million won.