Bybit cryptocurrency exchange suspends services in South Korea

Bybit, one of the world’s top cryptocurrency derivatives exchanges, will stop providing some services to Korean users before the license deadline.

Formal exchange Announce On Friday, it will cease support in Korean on its platform and the official Korean community on social media. The suspension will take effect from Monday.

“Korean traders may still use Bybit’s products and services. These products and services will no longer be available in Korean,” a Bybit spokesperson told Cointelegraph.

Bybit will remove these features before the September 24 deadline for cryptocurrency business Submit formal business license application“We have had a dialogue with South Korean regulators on this. We were told that the license will only be granted to local entities, and our setup excludes this,” the representative of Bybit said.

The new anti-money laundering requirements imposed on local exchanges and Foreign exchange operated in the country Provide Korean language support or trading pairs denominated in Korean won.

This has caused some major foreign exchange exchanges to stop providing services in the country instead of complying with the strict new requirements for providing real-name accounts through local banks.Last month, Binance Suspension of Korean Won Trading Pairs And removed Korean language support from its website.

Today, Bybit stated that it “takes on its responsibilities as an exchange and industry leader and actively cooperates with regulations implemented by various jurisdictions to promote financial inclusion and the development of the entire crypto industry.” According to a spokesperson for Bybit, the exchange Most of the transactions are from Europe, and European accounts account for more than 50% of the transaction volume.

related: South Korean lawmakers: Delaying crypto tax law is “inevitable”

According to the Korean Financial Services Commission, crypto platforms that fail to apply for a license should notify their customers of the expected closing date and the procedures for withdrawing funds “at least 7 days before closing”. It is said that No later than Friday, September 17. According to Reuters, more than 60 cryptocurrency exchanges in South Korea must notify customers of partial or complete suspension of trading before midnight on Friday.