Bybit, one of the world’s largest crypto derivatives exchanges, will suspend some of its services for South Korean users before its license expires.
On Friday, the exchange officially announced the end of support for the Korean language on platforms as well as the official South Korean community on social media. The lock will take effect on Monday.
“Korean sellers can continue to use Bybit products and services. These products and services will no longer be offered in Korean, ”a Bybit spokesman told Cointelegraph.
Bybit will remove jobs before the September 24 deadline for filing applications for an official operating license. “We had talks about this with Korean regulators. We were told that licenses would only be issued to local units and our facility prevented that, ”a Bybit spokesman said.
New money laundering requirements are mandatory for domestic and foreign exchanges operating in the country that offer support for the Korean language or winning trading pairs.
This has led some major foreign exchanges to stop offering services in the country instead of meeting the strict new requirements for listing accounts in genuine names through a local bank. Last month, Binance suspended winning trading pairs and removed Korean language support from the site.
Bybit said today that it “assumes responsibility as a stock exchange and an industry leader to actively cooperate with regulations adopted in various jurisdictions to promote economic integration and the development of the crypto industry in general.” According to a Bybit spokesman, most of the trading on the stock exchange comes from Europe, and European accounts account for more than 50% of the trading volume.
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Crypto exchanges that do not apply for a license must notify customers of their expected end date and withdrawal procedures “at least seven days before closing,” presumably no later than Friday September, according to the South Korean Financial Services Commission. 17. According to Reuters, more than 60 crypto exchanges in South Korea must notify customers of a partial or complete suspension of trading by midnight Friday.