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❕NEWS Korean Regulator to Shut Down 11 Cryptocurrency Exchanges Ahead of Regulatory Deadline

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Yusra31

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According to The Korea Herald, which cited anonymous industry insiders, South Korea's main financial regulator the Financial Services Commission (FSC) will shut down 11 cryptocurrency exchanges.According to the sources, the 11 crypto exchanges allegedly used bogus group bank accounts and the FSC intends to alert the prosecution and police of the suspected criminal acts. The exchanges will be unable to obtain permissions from the FSC to continue their operations.The exchanges' names have not been revealed.

To continue operating crypto exchanges must receive approval from the FSC by September 24. Some attempts to give exchanges additional time to comply with regulations such as People Power Party Congresswoman Cho Myeong-request hee's to extend the deadline until December 24 have been rejected. The FSC maintains its September 24 deadline claiming that cryptocurrency exchanges have already been granted a six month grace period.
 
Well good they are doing strict regulation on those exchange platforms , there have been scam by exchange platforms so they are preventing scam
 

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