To continue operating, exchanges must register
with the Financial Intelligence Unit by September 24, providing a security
certificate from the Internet security agency. They must also partner with
banks to ensure real-name accounts.
Exchanges that have not registered must shut
down services after September 24, while those that have registered but failed
to secure partnerships with banks will be prohibited from trading in won.
"Should some or all services need to be
closed, (exchanges) should notify customers of the expected closing date and
procedures to withdraw money by at least seven days before the closure,"
the Financial Services Commision said earlier this week. It said this should be
completed no later than September 17.
Of all exchanges, nearly 40 are set to suspend
all services. A further 28 have security certificates but have not secured bank
partnerships.
Just four - Upbit, Bithumb, Coinone, and
Korbit - have registered and secured partnerships and so will be allowed to
make won settlements.
Some smaller exchanges including ProBit,
Cashierest, and Flybit have already said they will end won trading, and that
they will continue operations involving only digital coin trading until
securing partnerships with banks.
© Reuters
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