FSC Regulatory Overhaul Expected to Shut Down 40 Crypto Exchanges in South Korea

Bitcoin.com | Sep 14, 2021 at 7:30 AM
  • A new regulatory overhaul could put 40 out of 60 exchanges out of business in South Korea after the firms are expected to fail to meet the conditions that are being proposed by the Financial Services Commission (FSC).
  • It is expected that 40 of the 60 exchanges that operate in the country will be closed due to the inability to comply with the new regulatory framework issued by the Financial Services Commission.
  • The closure of the little exchanges unable to comply with these rules has the potential of bringing $2.6 billion in losses to Korean investors.