• About
  • Advertise
  • Privacy & Policy
  • Contact
Cryptos Valuator
  • Home
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Exchanges
No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Exchanges
No Result
View All Result
Cryptos Valuator
No Result
View All Result
Home Exchanges

Cryptocurrency Exchanges Face Stricter Regulation In South Korea

June 24, 2021
in Exchanges
0
Cryptocurrency Exchanges Face Stricter Regulation In South Korea
0
SHARES
11
VIEWS
Share on FacebookShare on Twitter

As they seek to renew their bank accounts, four South Korean cryptocurrency exchanges are now under stricter regulation, a local industry media TheBchain reportedon July 29.

These new regulations follow the Financial Action Task Force’s recommendations on virtual currency regulations. According to the report, South Korean cryptocurrency exchanges Bithumb and Upbit, Coinone, Coinone, and Korbit have been subject to the new stricter norms in order to renew their banking partnerships as a result of the FATF guidance in June.

New guidance states that crypto asset service providers must comply with Anti-Money Laundering to prevent the financing of terrorist activities in the same manner as traditional financial institutions. Although FATF guidance is not legally binding, it can be a useful tool for countries that have chosen not to follow the new standards. This could lead to them being excluded from the global financial system.

According to TheBchain, these guidelines make banks that provide services to crypto exchanges legally responsible for money laundering. A spokesperson for a Korean trading site commented on the developments:

“To meet this standard, small and medium-sized exchanges without sufficient funds will likely disappear from the market.

Privacy advocates within the industry were critical of the FATF guidance earlier in this month. The “travel rule,” which requires virtual assets service providers to collect customer information during transactions, was particularly criticized.

Previous Post

Ethereum Price Analysis – Will ETHUSD Continue Its Fall?

Next Post

FATF Plans To Strengthen Control Over Crypto Exchanges

Next Post
FATF Plans To Strengthen Control Over Crypto Exchanges

FATF Plans To Strengthen Control Over Crypto Exchanges

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 123 Followers
  • 23.8k Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest
Venezuela Considers Proposal to Include Bitcoin in Central Bank Reserves

Venezuela Considers Proposal to Include Bitcoin in Central Bank Reserves

June 23, 2021
Newegg Expands Bitcoin Payment Option To 73 More Countries

Newegg Expands Bitcoin Payment Option To 73 More Countries

July 4, 2021
World of Ether Goes Live on Ethereum Mainnet, Soon Becoming Top Ranked Crypto Game

Enterprise Ethereum Alliance Opens Regional Office In South Korea

August 6, 2021
World of Ether Goes Live on Ethereum Mainnet, Soon Becoming Top Ranked Crypto Game

Black Friday Drags Crypto Market Down, Bitcoin & Ethereum Price Plunges

August 4, 2021
UPbit Audit Reveals That South Korea’s Cryptocurrency Exchange is Not Guilty

UPbit Audit Reveals That South Korea’s Cryptocurrency Exchange is Not Guilty

Goldman Sach’s Cryptocurrency Startup Circle Raises $110 Million Led By Bitmain Technologies

Goldman Sach’s Cryptocurrency Startup Circle Raises $110 Million Led By Bitmain Technologies

NASDAQ-Powered Crypto Exchange To Go Live in June 2018

NASDAQ-Powered Crypto Exchange To Go Live in June 2018

Why is ZCash Price Rising ? | Latest Crypto News

Why is ZCash Price Rising ? | Latest Crypto News

UK Treasury To Seek Input on Taxing DeFi

UK Treasury To Seek Input on Taxing DeFi

May 31, 2023
Bitfarms Hits All-Time High in Hashrate Amid Expansion into Argentina

Bitfarms Hits All-Time High in Hashrate Amid Expansion into Argentina

May 29, 2023
Circle Breaks Boundaries With New Cross-Chain USDC Protocol

Circle Breaks Boundaries With New Cross-Chain USDC Protocol

May 26, 2023
Terraform Labs Co-Founder Do Kwon Charged With Fraud After Arrest

10,000 Bitcoin shifted to Swiss Bank Triggers Do Kwon and TFL Probe by South Korean Prosecutors

May 24, 2023

Recent News

UK Treasury To Seek Input on Taxing DeFi

UK Treasury To Seek Input on Taxing DeFi

May 31, 2023
Bitfarms Hits All-Time High in Hashrate Amid Expansion into Argentina

Bitfarms Hits All-Time High in Hashrate Amid Expansion into Argentina

May 29, 2023
Circle Breaks Boundaries With New Cross-Chain USDC Protocol

Circle Breaks Boundaries With New Cross-Chain USDC Protocol

May 26, 2023
Terraform Labs Co-Founder Do Kwon Charged With Fraud After Arrest

10,000 Bitcoin shifted to Swiss Bank Triggers Do Kwon and TFL Probe by South Korean Prosecutors

May 24, 2023
Cryptos Valuator

Follow Us

Browse by Category

  • Altcoin News
  • Bitcoin
  • Bitcoin News
  • Blockchain
  • Blockchain News
  • Business
  • Coins
  • Cryptocurrency
  • Cryptonews Deals
  • DeFi News
  • Economy
  • Ethereum
  • Ethereum News
  • Events
  • Exchanges
  • General
  • ICOs
  • Industry Talk
  • Markets
  • News
  • NFT News
  • Opinion
  • Press Releases
  • Regulation
  • special site
  • Sponsored
  • World

Recent News

UK Treasury To Seek Input on Taxing DeFi

UK Treasury To Seek Input on Taxing DeFi

May 31, 2023
Bitfarms Hits All-Time High in Hashrate Amid Expansion into Argentina

Bitfarms Hits All-Time High in Hashrate Amid Expansion into Argentina

May 29, 2023
  • Terms & Conditions
  • Privacy Policy

© 2021 Cryptos Valuato

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Exchanges

© 2021 Cryptos Valuato