According to reports, Upbit submitted its first cryptocurrency exchange to South Korean regulators

According to reports, South Korea’s major cryptocurrency company Upbit has submitted a business report to the South Korean Financial Intelligence Unit (FIU).

Upbit reported its digital asset business to FIU, which operates under the leadership of the Financial Services Commission (FSC), Korea’s top financial regulator. Dunamu, the operator of Upbit, announced the news on Friday. The Korea Economic Daily Report.

Upbit is one of the largest cryptocurrency exchanges in South Korea, alongside Bithumb, Coinone and Korbit, and reportedly accounts for more than 80% of the local cryptocurrency market. FSC Vice Chairman Doh Gyu-sang said that the authorities will be prepared to receive more reports from the most popular Korean exchanges in the near future.Official Say FSC expects one or two cryptocurrency exchanges to submit reports before the end of August.

FSC did not immediately respond to Cointelegraph’s request for comment.

South Korean authorities have required all local cryptocurrency trading platforms Register their business Become a digital asset service provider before September 24, or you will face a total ban on operations in the country. In order to register with FIU, the exchange needs to establish a bank partner and report real-name bank accounts for all its clients.As previously reported, Upbit has Set up real-name account verification With the local online bank K Bank.

Related: In the case of South Korea’s tightening of cryptocurrency trading regulations, Binance stopped the Korean won against

As South Korean financial authorities continue to focus on larger cryptocurrency exchanges in terms of registration, smaller cryptocurrency trading platforms are clearly struggling to meet local requirements. Some smaller Korean cryptocurrency exchanges, such as Bitsonic and CPDAX Announcing the suspension Or terminate the entire service within the past few months.

FSC representatives told Cointelegraph in early August that the agency did not intend to close smaller exchanges, but wanted to freeze the use of fraudulent collective accounts or debit accounts on the platform.