A prominent cryptocurrency exchange in South Korea, Bybit is closing its doors as a result of the impending regulatory deadline in the country.
Following the expiration of a license, Bybit, one of the world’s most prominent cryptocurrency derivatives exchanges, will temporarily suspend certain of its services to South Korean users.
Earlier this week, the exchange officially stated that it would be discontinuing Korean language support across its platforms, including the exchange’s South Korean community on social media sites. The suspensions will take effect on Monday, according to the company.
“Bybit products and services are still available to Korean traders. These products and services will simply no longer be available in the Korean language, according to the company “Cointelegraph was informed by a spokeswoman for Bybit.
Prior to the deadline for bitcoin enterprises to file petitions for official operating licenses, which is September 24, Bybit will disable the functionality. “On this subject, we have discussions with Korean regulatory authorities.
Initially, we were advised that licenses would only be granted to local entities; however, our structure made this impossible “No. of the Bybit representative
In order to comply with the new Anti-Money Laundering standards, all local and foreign exchanges operating in South Korea that offer Korean language support or trading pairs denominated in won must comply with the new requirements.
A result of this is that some major foreign exchange companies have decided to discontinue their operations in the country rather than comply with the strict new criteria of supplying real-name accounts through a local bank.
Last month, Binance banned the trading of won-denominated pairs and disabled support for the Korean language from its website.
Bybit stated today that it “accepts its responsibilities as an exchange and an industry leader in actively collaborating with rules imposed by various jurisdictions to promote financial inclusion and expand the overall crypto business.” Bybit is a cryptocurrency exchange and industry leader.
As stated by a representative from Bybit, the vast majority of the exchange’s trading comes from Europe, with European accounts accounting for more than half of total trading volume.
To comply with the South Korean Financial Services Commission’s requirements, crypto platforms that did not apply for a license must notify their customers of an expected closing date and procedures to withdraw money “at least seven days before the closure,” reportedly no later than Friday, Sept. 17.
Over 60 cryptocurrency exchanges in South Korea must warn consumers of a partial or complete stoppage of trade by Friday midnight, according to Reuters.
