South Korea Narrows Down 11 Cryptocurrency Exchanges To Shut Down

The Financial Services Commission, the top financial regulator in South Korea, is supposedly staging a closedown for some cryptocurrency exchanges. This move is linked to allegations of fraud in these exchanges. The first move from the FSC is to temporarily stop the operations of about 11 average South Korean crypto exchanges. Reporting on Sunday, The Korea Herald, a local news agency, claimed that the FSC move is based on some unclear operations by these exchanges. Related Reading | Commercial Paper Reserves Of Tether Under Heavy Regulatory Scrutiny The report has it that these exchanges all allegedly had fraudulent collective accounts and some illegal activities. According to a news publication, while citing unknown industry sources, there are still no name disclosures of the exchanges. However, these exchanges are likely never going to get approvals for operations from the authorities. From the news sources, the FSC will decline the operational approval for all the affected crypto exchanges. Furthermore, this South Korean financial regulator plans to enforce stricter regulatory actions on minor exchanges. The news on the supposedly crash comes in the middle of the recent suspension of operations by some minor crypto exchange in South Korea. One of such suspensions is the announcement made by Bitsonic, a local cryptocurrency exchange, on Friday. A post on its official Telegram channel said the exchange would make tempor...