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.
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.
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.
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.
Mr. K quit a decent job to start a blockchain company. His company recently issued the BK (Beautiful Korea) coin and will soon list it on a cryptocurrency exchange.“A coin will be marking 3,000 tourism stops across Korea. The...
Korea JoongAng Daily Sitemap