{"id":11127,"date":"2021-08-17T23:55:09","date_gmt":"2021-08-17T23:55:09","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/crypto-exchange-bitfront-said-to-end-korean-services-ahead-of-tough-new-regulations\/"},"modified":"2021-08-17T23:55:09","modified_gmt":"2021-08-17T23:55:09","slug":"crypto-exchange-bitfront-said-to-end-korean-services-ahead-of-tough-new-regulations","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/crypto-exchange-bitfront-said-to-end-korean-services-ahead-of-tough-new-regulations\/","title":{"rendered":"Crypto Exchange Bitfront Said to End Korean Services Ahead of Tough New Regulations"},"content":{"rendered":"

U.S.-based crypto trading platform Bitfront is going to discontinue services in South Korea before stricter rules for the industry are enforced in September, Korean media reported. The exchange, a subsidiary of Japanese tech giant Line, is currently available to Korean traders. <\/strong><\/p>\n

Line\u2019s Bitfront Exchange to Discontinue Services for Korean Cryptocurrency Traders<\/h2>\n

With tighter regulations on the horizon, digital asset exchange Bitfront is reportedly joining those platforms that are planning to pull out of South Korea\u2019s cryptocurrency market. The U.S.-registered entity, which was established by the Japanese messaging app company Line, is going to limit its services in the country next month, Korean media revealed.<\/p>\n

According to Yonhap, the exchange will stop providing Korean-language service in mid-September. \u201cCiting the tougher regulations, Bitfront also said it will discontinue payments with Korean credit cards on Sept. 14,\u201d the news agency detailed in a report<\/a> on foreign crypto exchanges \u201cseeking distance\u201d from South Korea ahead of the upcoming changes.<\/p>\n

Bitfront will discontinue its Korean-language marketing activities via social media channels like \u201cFacebook, Telegram and Line for its Korean clients this month,\u201d the Korea Economy Daily added<\/a>, quoting industry sources on Tuesday. At the time of writing, Bitfront\u2019s website<\/a> is still available in Korean.<\/p>\n

<\/p>\n

Foreign Crypto Exchanges Leaving South Korea Because of Regulatory Changes<\/h2>\n

The stricter rules, introduced with the revised Special Funds Act which took effect on March 25, will be enforced in September after a six-month grace period. They require crypto trading platforms to register with Korea\u2019s anti-money laundering body, the Financial Intelligence Unit (FIU), by Sept. 24 and cooperate with domestic banks on the issuance of real-name<\/a> accounts. Failure to comply could lead to blocked access, penalties, and even criminal prosecution.<\/p>\n<\/p>\n

In July, the country\u2019s Financial Services Commission (FSC<\/a>) warned<\/a> over two dozen exchanges targeting Korean nationals. Smaller and foreign-based exchanges<\/a> have found it difficult to secure a partnership with a local banking institution as Korean banks fear<\/a> exposure to money laundering, fraud, and other crypto-related risks. Starting from Sept. 25, exchanges will be banned from withdrawing money for cryptocurrency trading if they have not implemented real-name bank accounts, Yonhap noted.<\/p>\n

Binance, the world\u2019s leading cryptocurrency exchange, said last week it\u2019s ending the offering of a number of products and services in South Korea. This decision, announced<\/a> on Friday, involves the discontinuing of trading pairs and payment options in Korean won as well as peer-to-peer (P2P) merchant applications and Korean language support. On Wednesday, another overseas digital asset exchange, FTX Trading, removed Korean from the language options available on its website.<\/p>\n

What are your expectations about the future of the crypto trading market in South Korea? Share your thoughts on the subject in the comments section below. <\/em><\/strong><\/p>\n

Bitcoin News
\nExchanges, Bitfront, Compliance, credit cards, Crypto, crypto exchange, crypto exchanges, crypto trading, Cryptocurrencies, Cryptocurrency, Digital Assets, Exchange, korea, korean, Korean language, Korean Won, products, real-name accounts, registration, Regulations, rules, Services, South Korea, south korean, trading<\/p>\n","protected":false},"excerpt":{"rendered":"

U.S.-based crypto trading platform Bitfront is going to discontinue services in South Korea before stricter rules for the industry are enforced in September, Korean media reported. The exchange, a subsidiary of Japanese tech giant Line, is currently available to Korean traders. Line\u2019s Bitfront Exchange to Discontinue Services for Korean Cryptocurrency Traders With tighter regulations on…<\/p>\n","protected":false},"author":0,"featured_media":11128,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-11127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11127"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=11127"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11127\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/11128"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=11127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=11127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=11127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}