Fun

Crypto Exchange Bitfront Said to End Korean Services Ahead of Tough New Regulations

News Feed - 2021-08-18 08:08:08

Crypto Exchange Bitfront Said to End Korean Services Ahead of Tough New Regulations


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’s Bitfront Exchange to Discontinue Services for Korean Cryptocurrency Traders


With tighter regulations on the horizon, digital asset exchange Bitfront is reportedly joining those platforms that are planning to pull out of South Korea’s 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.


According to Yonhap, the exchange will stop providing Korean-language service in mid-September. “Citing the tougher regulations, Bitfront also said it will discontinue payments with Korean credit cards on Sept. 14,” the news agency detailed in a report on foreign crypto exchanges “seeking distance” from South Korea ahead of the upcoming changes.


Bitfront will discontinue its Korean-language marketing activities via social media channels like “Facebook, Telegram and Line for its Korean clients this month,” the Korea Economy Daily added, quoting industry sources on Tuesday. At the time of writing, Bitfront’s website is still available in Korean. Foreign Crypto Exchanges Leaving South Korea Because of Regulatory Changes


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’s anti-money laundering body, the Financial Intelligence Unit (FIU), by Sept. 24 and cooperate with domestic banks on the issuance of real-name accounts. Failure to comply could lead to blocked access, penalties, and even criminal prosecution.



In July, the country’s Financial Services Commission (FSC) warned over two dozen exchanges targeting Korean nationals. Smaller and foreign-based exchanges have found it difficult to secure a partnership with a local banking institution as Korean banks fear 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.


Binance, the world’s leading cryptocurrency exchange, said last week it’s ending the offering of a number of products and services in South Korea. This decision, announced 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.


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. Bank of America Sees Long Road Ahead for Coinbase to Become the "Amazon of Crypto Assets" EXCHANGES | 1 day ago British Court Orders Binance to Identify and Freeze Hackers" Accounts After a User Claims Funds Stolen EXCHANGES | 3 days ago Tags in this story Bitfront, Compliance, credit cards, Crypto, crypto exchange, crypto exchanges, crypto trading, Cryptocurrencies, Cryptocurrency, Digital Assets, Exchange, Exchanges, korea, korean, Korean language, Korean Won, products, real-name accounts, registration, Regulations, rules, Services, South Korea, south korean, trading


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Bitcoin analyst PlanB predicts 10 months of ‘face melting FOMO’
Zoltan Vardai8 hours agoBitcoin analyst PlanB predicts 10 months of ‘face melting FOMO’PlanB’s bull market signal flashed as Bitcoin price was trading firmly above the $62,000 mark.11282 Total views10 Total sharesL
Technical Analysis: Flow Moves Higher, as SHIB Climbs 12%
Technical Analysis: Flow Moves Higher, as SHIB Climbs 12% Following a 12% decline yesterday, shiba inu (SHIB) rose by that same percentage today, as bulls once again boarded the ro
Lebanon’s Financial Meltdown: Currency Plunges 80%, Huge Losses at Central Bank, IMF Bailout Stalled
Lebanon"s Financial Meltdown: Currency Plunges 80%, Huge Losses at Central Bank, IMF Bailout StalledThe financial crisis in Lebanon has seen its currency, the Lebanese pound, fall 8
Nigerian official advocates blockchain, AI against illicit financial flows
Amaka Nwaokocha59 minutes agoNigerian official advocates blockchain, AI against illicit financial flowsThe financial watchdog chair said that if recovered, the funds could significantly enhance infrastructure, healthcare
ViaBTC Group Announces Strategic Upgrade to Advance Innovation and Improve Customer Experience
ViaBTC Group Announces Strategic Upgrade to Advance Innovation and Improve Customer ExperienceHong Kong, 30 May, 2020 – ViaBTC Group, an innovative technology company speciali
Amaka NwaokochaJul 29, 2023SEC, Binance unite against Eeon’s lawsuit interventionThe U.S. SEC claims that Eeon has a history of repeatedly unsuccessfully representing itself in court cases.3076 Total views6 Total share
TRUMP token whale sells for $3.7M profit as memecoin starts decline
Zoltan Vardai14 hours agoTRUMP token whale sells for $3.7M profit as memecoin starts declineThe memecoin whale made an over 1,428% return on their initial investment in the TRUMP token.3538 Total views25 Total sharesList
Report: DOJ and FBI Investigating Terraform Labs in Connection to Algorithmic Stablecoin Collapse
Report: DOJ and FBI Investigating Terraform Labs in Connection to Algorithmic Stablecoin Collapse The Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) are
Florida man convicted in cryptocurrency theft home invasions
Josh O"Sullivan1 hour agoFlorida man convicted in cryptocurrency theft home invasionsRemy St. Felix of West Palm Beach led violent home invasions to steal cryptocurrencies, targeting multiple states over several months.4
Prashant Jha10 hours agoMoneyGram to launch noncustodial crypto wallets by Q1 2024The noncustodial wallet will continue MoneyGram’s remittance focus, allowing users to easily convert their digital assets to fiat.1205 T
Bitcoin tips toward $70K, setting a path for TON, STX, MNT and MKR to follow
Rakesh Upadhyay7 hours agoBitcoin tips toward $70K, setting a path for TON, STX, MNT and MKR to followBitcoin attempts to break out of a bullish chart formation, opening the door for TON, STX, MNT, MKR and other altcoins
DeFi market stages a comeback as derivatives surge
Shiraz Jagati11 hours agoDeFi market stages a comeback as derivatives surgeOnchain derivatives fuel DeFi’s resurgence, with daily volumes reaching $5 billion amid rising competition.633 Total views3 Total sharesListen