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When will South Korea ban cryptocurrency trading?

More than 60 cryptocurrency exchanges in South Korea must notify customers of a partial or full suspension of trading by Friday midnight, a week before a new regulation comes into effect.

Will South Korea's cryptocurrency exchanges shut down?

The majority of South Korea’s cryptocurrency exchanges will likely shut down by next Friday, as operators race to meet stringent new rules from the country’s financial watchdog. By Sept. 24, all exchanges operating in South Korea must obtain licenses from financial and Internet regulators.

Can a South Korean bank withdraw money from a cryptocurrency exchange?

To continue operating, exchanges need to partner with a South Korean bank, but with South Korean banks unwilling to take on the risk that comes from dealing with cryptocurrency exchanges, they will be unable to register with the government or withdraw money for cryptocurrency trading after September 24.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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