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South Korea crypto crackdown to wipe $2.6bn from kimchi coins

South Korea crypto crackdown to wipe $2.6bn from kimchi coins

South Korean crypto traders are preparing for misfortunes of more than Won3tn ($2.6bn) as 66% of the country's crypto trades are set to be cleared out in a regulatory upgrade of one of the world's biggest digital currency markets.

The Financial Services Commission, South Korea’s financial watchdog, has set a September 24 cutoff time for foreign and local exchanges to enroll as lawful exchanging stages, some portion of a work to fix oversight of the country's extravagant crypto area.

However, most local exchanges are struggling to meet the conditions, with very nearly 40 of South Korea's assessed 60 crypto operators expected to be closed down, as per industry insiders and controllers.

South Korea's crypto trading is overwhelmed by four major trades — Upbit, Bithumb, Korbit and Coinone — which represent more than 90% of the nation's complete exchanging volume.

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