South Korea’s top financial regulator will shut down 11 cryptocurrency exchanges allegedly engaged in fraudulent bank account schemes, local media reported. Meanwhile, the deadline for all crypto exchanges to comply with the country’s regulation is drawing near and most of them have not been able to meet the requirements.
11 Crypto Exchanges Could Be Shut Down
- South Korea’s top financial regulator, the Financial Services Commission (FSC), will reportedly shut down 11 cryptocurrency exchanges, The Korea Herald reported Monday, citing unnamed industry sources.
- The 11 crypto exchanges allegedly used fraudulent collective bank accounts and the FSC plans to notify prosecution and police of the alleged illegal activities, the sources added, noting that the exchanges will find it impossible to get approvals from the FSC to continue their businesses. The names of the exchanges have not been disclosed.
- Crypto exchanges must obtain approval from…