Is it true that it is said that South Korea will close many trading platforms in

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Quote from: Chrystora123 on September 19, 2021, 08:59:55 AM

Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.
Some people say that there will be huge bad news on September 14.
Some people say that South Korea will close many trading platforms in September.
I don’t know if it’s a fake news from some black media? What do you think?

fud to destroy the reputation of crypto is countless, see that the information you get is not true. to reduce your worries, you can refrain from buying while paying attention to the trend of market movements and then buying when the price drops..

Its just another FUD, even if they close the trading platforms you will be still having alternate ways to trade like p2p.Anyway its confirmed that the news you read was fake FUD then better close this thread and stop people from getting the same FUD again.

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Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.
Some people say that there will be huge bad news on September 14.
Some people say that South Korea will close many trading platforms in September.
I don’t know if it’s a fake news from some black media? What do you think?

fud to destroy the reputation of crypto is countless, see that the information you get is not true. to reduce your worries, you can refrain from buying while paying attention to the trend of market movements and then buying when the price drops..

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Quote from: tbct_mt2 on September 19, 2021, 06:25:37 AM

When people ask questions about ban, close of trading platforms, the answer is different.

Upbit became the first cryptocurrency exchange in South Korea approved by the government to follow FATF's guide.

Upbit is the first approved exchange but this achievement means South Korean government opens to approve exchanges that follow their guide. They don't have reasons to close crypto trading exchanges for whatever reasons.

Well perhaps they have banned those exchanges platforms that do not have regulated by them, we know that this country is very strict when it comes to the policy and most especially when it comes money laundering. As I say, the banking system dont have restrictions on crypto but besides they enforcing people to register on an exchange using their real name and should always complete KYC. Perhaps as long as you will follow the country's guidelines your platform is safe.

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When people ask questions about ban, close of trading platforms, the answer is different.

Upbit became the first cryptocurrency exchange in South Korea approved by the government to follow FATF's guide.

Upbit is the first approved exchange but this achievement means South Korean government opens to approve exchanges that follow their guide. They don't have reasons to close crypto trading exchanges for whatever reasons.

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Quote from: checkmatesir on September 17, 2021, 01:38:23 AM

I had checked earlier in the internet as well as hear from some of my friends that it is a fake news because South Korea is one the most technological strong country and the trading in South Korea is increasing as well, but may be there are some situations through which they had done something wrong, i don't even think that.

I think it is not a fake news but instead what the thread means of South Korea closing many trading platforms has a good intention by the way which I believe it would not going to affect negatively the crypto market. The said shut down on crypto exchanges is for the operators to meet the stringent new rules from the country’s financial watchdog. Giving a time for all the exchanges operating in South Korea to
obtain licenses from financial and internet regulators. It means the government of South Korea wanted to make a legal transaction between crypto exchanges to protect the investors.

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Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.
Some people say that there will be huge bad news on September 14.
Some people say that South Korea will close many trading platforms in September.
I don’t know if it’s a fake news from some black media? What do you think?

If you think it's a fake news, then we need to have a fact checking on this article my friend. Nowadays, there's a lot of black ideas came from different sectors around the globe, because cryptocurrency business was raging millions of money involved. With south korea, there's a lot of biggest investors who kept seeking their advantage in terms of cryptocurrency investment. They still tried to dig deeper for bitcoin and wanted a cheaper price and start buying back.

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Quote from: Silberman on September 18, 2021, 03:29:39 PM

You need to understand that social media is full of false information to try to make people sell their coins and make the price dump, however this can easily be countered by doing something simple, do not use social media to try to obtain information about the markets, think about this, how is it possible that such people know what it will happen in the future? Do you think they have insider information? And even if they did, do you think they will share it with anyone? So stop worrying about stuff like that as the only outcomes you will get out of them are all negative for you.

Okay, let's say that social media is full of false information but this update https://atozmarkets.com/news/fsc-in-south-korea-will-shut-down-more-than-60-crypto-exchanges/? I don't think so. Maybe you should have to read that.

SK is really serious about this issue, with that number of exchanges forced to shut down if they never comply with the said requirements that something is alarming now. This must not be taken ignore, exchanger's owners would take action before it expires otherwise they'll stop doing business.

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Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.
Some people say that there will be huge bad news on September 14.
Some people say that South Korea will close many trading platforms in September.
I don’t know if it’s a fake news from some black media? What do you think?

You need to understand that social media is full of false information to try to make people sell their coins and make the price dump, however this can easily be countered by doing something simple, do not use social media to try to obtain information about the markets, think about this, how is it possible that such people know what it will happen in the future? Do you think they have insider information? And even if they did, do you think they will share it with anyone? So stop worrying about stuff like that as the only outcomes you will get out of them are all negative for you.

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Quote from: kramchers on September 18, 2021, 09:27:40 AM

Those you heard about cryptocurrency are mostly just an opinion or it could be a piece of fake news. Well, in fact, this country was one of the crypto enthusiasts actually, because they have a lot of local exchange in which they had made were so far a lot of traders using it now. Try to make a research about it.

There are many news about ahutting down platforms who will not meet their requirements, try searching it in google it’s all over the news now and it can be a good sign so that only few platforms that purely provide legit service can comply, there are too many platforms already but we all knew that what we need is just 1 or 2 that already do the task well as well the one who truly shows been best for traders.

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Quote from: Mahanton on September 18, 2021, 09:31:24 AM

Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.
Some people say that there will be huge bad news on September 14.
Some people say that South Korea will close many trading platforms in September.
I don’t know if it’s a fake news from some black media? What do you think?

Dont let easily make yourself do fall on those fuds because this is something which is common here thats why everything should really be having some sort of in depth research because not all news could be true
and if you do make yourself do react and make out some take profit or panic sell then it will really be just an unfortunate situation since the market hadnt really reacted as well.Also i dont believe that S. Korea
would be closing out trading platforms and just like others been saying that it is rather to be positive than on being negative towards crypto market and come to think off that if China
had failed out on dumping the market then all of countries will really be just the same in case.

Well, you have to start believing because South Korea is definitely closing those crypto exchanges that cannot meet the requirements to acquire a license. And i don't see this in a negative way because even if South Korea tighten their country's regulation, this is all just for the security of the traders' accounts. So even if there will only be few exchanges left, it does not really matter, at least we know they are more legit and more reliable.

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Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.
Some people say that there will be huge bad news on September 14.
Some people say that South Korea will close many trading platforms in September.
I don’t know if it’s a fake news from some black media? What do you think?

Dont let easily make yourself do fall on those fuds because this is something which is common here thats why everything should really be having some sort of in depth research because not all news could be true
and if you do make yourself do react and make out some take profit or panic sell then it will really be just an unfortunate situation since the market hadnt really reacted as well.Also i dont believe that S. Korea
would be closing out trading platforms and just like others been saying that it is rather to be positive than on being negative towards crypto market and come to think off that if China
had failed out on dumping the market then all of countries will really be just the same in case.

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Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.
Some people say that there will be huge bad news on September 14.
Some people say that South Korea will close many trading platforms in September.
I don’t know if it’s a fake news from some black media? What do you think?

Those you heard about cryptocurrency are mostly just an opinion or it could be a piece of fake news. Well, in fact, this country was one of the crypto enthusiasts actually, because they have a lot of local exchange in which they had made were so far a lot of traders using it now. Try to make a research about it.

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Quote from: stompix on September 17, 2021, 07:41:24 AM

Still standing by your opinion about "most" users doing a bit of research before posting? Grin

If you are referring to this part of my post :

Quote from: Lucius on September 14, 2021, 05:27:30 AM

Sometimes they are, but if we take just this forum as an example, then it is more than clear that most still do not practice two basic things - the first is to check some news from multiple sources, and the second is to read posts written by someone before you, so that you can draw a conclusion from all this.

I thought most didn't actually read anything but the title, maybe the first and last post at best. This thread is more than a good example of how difficult it is to have a quality discussion, because after all that has been written, most believe that it is still fake news.

In a week we will know what the consequences of this decision will be, but I believe that there will be no major disturbances in the crypto market.

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Quote from: bamb on September 17, 2021, 08:48:37 AM

I don't know if it is true that South Korea will close Cryptocurrency exchange but what I do know is that a Cryptocurrency exchange that I use regularly which is based in South Korea sent me an email advising that I withdraw all my asset from the exchange as they have been instructed by the government to close down their exchange! I think in every rumour, there is an iota of truth!

This news is definitely legit. South Korea requires all crypto exchanges to acquire a license from Financial Intelligence Unit because this is part of the country's regulation. And will also have to partner with banks to continue their operation. But based on the news, it seems that only 28 out of 66 identified crypto exchanges meet the requirements for a license so most likely, those smaller crypto exchanges who don't have the license will be closed. And this news might totally saddened all the crypto traders in South Korea.

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I don't know if it is true that South Korea will close Cryptocurrency exchange but what I do know is that a Cryptocurrency exchange that I use regularly which is based in South Korea sent me an email advising that I withdraw all my asset from the exchange as they have been instructed by the government to close down their exchange! I think in every rumour, there is an iota of truth!

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Quote from: checkmatesir on September 17, 2021, 01:38:23 AM

I had checked earlier in the internet as well as hear from some of my friends that it is a fake news because

because you actually checked shit...
https://www.ft.com/content/dccac69e-9ebe-468a-b089-4f40d77d5a80

Quote from: LUCKMCFLY on September 16, 2021, 11:13:17 PM

Excuse me, where did you find that kind of news?

Have you actually tried typing two worlds in google? Not that hard!
https://www.coindesk.com/markets/2021/08/17/lines-crypto-exchange-to-cease-activity-in-south-korea-ahead-of-regulatory-deadline-report/
https://www.coindesk.com/markets/2021/09/13/south-koreas-registration-deadline-for-crypto-exchanges-could-erase-26b-in-assets-ft/

Quote from: samcrypto on September 16, 2021, 08:07:06 AM

It's already September 16, have you heard about those Platforms being closed by the Korean government? if none then this is a clear FUD

No, it means you're living in a bubble where everything that you don't like is FUD.

Quote from: Lucius on September 16, 2021, 07:50:18 AM

Why do you doubt something that is a clear factual situation?

Still standing by your opinion about "most" users doing a bit of research before posting? Grin

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I had checked earlier in the internet as well as hear from some of my friends that it is a fake news because South Korea is one the most technological strong country and the trading in South Korea is increasing as well, but may be there are some situations through which they had done something wrong, i don't even think that.

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Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.
Some people say that there will be huge bad news on September 14.
Some people say that South Korea will close many trading platforms in September.
I don’t know if it’s a fake news from some black media? What do you think?

Excuse me, where did you find that kind of news? I think that this news may have been given by pure market manipulation, it is possible, although I am always very aware of many news platforms and I have not seen something similar, however I know that in South Korea, there is a lot of P2P negotiation, and Many of these negotiations are not reflected in the volume of BTC, at least CMC does not cover some of them, and it is for this reason that the volume of BTC is not consolidated.

My advice is that you do not pay much attention to that, at the moment there are many countries studying the possibility of accepting and adopting BTC, they cannot go against the global economic tide, South Korea would lose a lot if it does something like that.

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Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.
Some people say that there will be huge bad news on September 14.
Some people say that South Korea will close many trading platforms in September.
I don’t know if it’s a fake news from some black media? What do you think?

It's already September 16, have you heard about those Platforms being closed by the Korean government? if none then this is a clear FUD where whales are creating such fuds to create panic and make the market a lot more cheaper.

Anyway, reading some news about South Korea regulation to exchanges I believe that's September 24 and they are not literally closing the platforms because they are just requiring them to submit the requirements being asked and register their platform to operate legally and there's nothing to worry about this one because it can actually protect their own citizen and gain the trust of the public if they operate legally.

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Quote from: so98nn on September 16, 2021, 06:42:49 AM

Looks like the news was fake as 14th is already passed on and market is behaving just right.

If by any chance you read post number 3 then you would understand that the date stated by OP (September 14) does not matter - it is September 24. 2021. which is mentioned in the news as the deadline for all crypto exchanges in South Korea to register their business according to all currently applicable laws and rules. From my perspective, this should not be bad news - because it is not about any ban on trading and the like, but only about bringing order to the crypto market.

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Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.
Some people say that there will be huge bad news on September 14.
Some people say that South Korea will close many trading platforms in September.
I don’t know if it’s a fake news from some black media? What do you think?

Unfortunately South Korea is becoming more hostile towards the cryptocurrency trading platforms,but the intention of the South Korean authorities is to protect the investors.
The fact the many trading platforms will be closed in South Korea doesn't mean that the people,who have money on these trading platforms will lose everything.I'm sure that the South Korean crypto traders will be allowed to withdraw their coins,before the trading platforms shut down.
I guess that you will have to use foreign crypto exchange platforms in order to trade cryptocurrencies,especially if you are located in South Korea

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Looks like the news was fake as 14th is already passed on and market is behaving just right. Moreover, there was pretty small chance that if they even banned the exchanges then market would have reacted it. Korea does not contribute that much in the crypto space. All the geographical investment is from the USA and Europe and some parts of Asia at the end. So this news was just another fud and nothing else. Also, these kinds bans only move the market in temporary sense. Meaning peeps will always find a way to come back from p2p and what not.

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Quote from: el kaka22 on September 16, 2021, 03:52:06 AM

How do you plan on making people happy when you are doing something they do not enjoy, or simply dislike? You won't. This is why I believe that anyone trying to close shop on some places will be making a certain amount of people angry and if you do something that they dislike then they will not vote for you or at least there is a chance that they may not.

These are online crypto exchanges, not physical stores or shops as you classify them, so it doesn't matter if there are 60 or 20 of them, because everyone online has access to each of them. The government protects users in this case, because there can be no such mess in such a sensitive business as cryptocurrencies - should every kid with a little more computer knowledge should be allowed to start a crypto exchange?

The number doesn't matter at all, it's important that such platforms are secure and that they can meet the highest standards in their business - all those who can't meet the conditions will be closed, and I don't see any problem with that.

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Quote from: Lucius on September 15, 2021, 03:48:59 AM

Why do you doubt something that is a clear factual situation? If one country has over 60 crypto exchanges, and some of them do not meet the criteria to operate in such a sensitive sector, is it not logical to remove such companies from the market? Unless you think all the hacking we're reading about (and it's about South Korea) is something we should consider normal?

Japan did something similar a few years ago, and it seems that the rules will be tightened even more - but it is for the good of all users, because we all want crypto exchanges to be as secure as possible.

Who makes these decisions? Governments. How does governments become governments? By getting votes. How do governments get votes? By making people happier than the other ones. How do you plan on making people happy when you are doing something they do not enjoy, or simply dislike? You won't. This is why I believe that anyone trying to close shop on some places will be making a certain amount of people angry and if you do something that they dislike then they will not vote for you or at least there is a chance that they may not.

I do not know a single government in the entire world that ends up enjoying doing something that will cause them a lot of votes in the end. It is obvious, very obvious that every single casino will be doing something about it.

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Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.
Some people say that there will be huge bad news on September 14.
Some people say that South Korea will close many trading platforms in September.
I don’t know if it’s a fake news from some black media? What do you think?

make more research so that you can figure it out if it's true or not, because for your information nowadays FUD's is increasing because of the new situation of the market wherein for sure they want to see the market plunges so dip just to have a good range to buy and accumulate more that's why they keep spreading false information in such situations ,indeed the common strategy even market keep climbing, so you need to be aware mate.. Make research always to obtain specific information..

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Quote from: el kaka22 on September 14, 2021, 04:04:47 PM

I doubt they would do that, it would not make any sense to close shop for so many places. After all South Koreans are in love with crypto in general, specially young generation like Z generation is definitely interested because they know that it is the only place they can fairly earn more than their counterparts.

Why do you doubt something that is a clear factual situation? If one country has over 60 crypto exchanges, and some of them do not meet the criteria to operate in such a sensitive sector, is it not logical to remove such companies from the market? Unless you think all the hacking we're reading about (and it's about South Korea) is something we should consider normal?

Japan did something similar a few years ago, and it seems that the rules will be tightened even more - but it is for the good of all users, because we all want crypto exchanges to be as secure as possible.

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Quote from: TheGreatPython on September 13, 2021, 12:49:10 PM

Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.

I wasn't actually aware of what's happening in South Korea but after checking this thread, I searched google indeed there seem to be some issues on crypto exchanges where some 2.6B dollars loss is expected. I haven't checked in details, will do that later and see what the fuss is all about. In general, as long as Bitcoin is not banned in your country, there's no harm in buying them because the price and value of Bitcoin won't collapse just because of the problems in a single nation.

Quote from: tuertezii on September 13, 2021, 03:41:32 AM

Some people say that South Korea will close many trading platforms in September.

Not sure but it might be to control illegal transactions and the operation of some exchanges. I would suggest you to monitor the situation and don't panic.

Anyway, the good thing here is that they are not banning the use of crypto but their government just want to regulate their crypto transactions by requiring KYC from the exchanges' customers. So for those who don't want to undergo kyc, they will find outside exchanges to perform their crypto trading. And that's why, they have projected losses because of this move. The government may have valid reasons but a lot of crypto users don't want to submit their details to the government.

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I doubt they would do that, it would not make any sense to close shop for so many places. After all South Koreans are in love with crypto in general, specially young generation like Z generation is definitely interested because they know that it is the only place they can fairly earn more than their counterparts. Have you heard about CV's in crypto world?

If you are a designer you show your portfolio, if coder you show your codes, if you are a writer you show your content, basically whatever job you want to do, you show what you can do, it doesn't have to be paid work, just whatever work you did, so a 50 year old with 30 year experience has to fight against a 20 year old studying in college, there is no more CV that makes a false hope that older would be better, which is wrong, talent makes you better. Koreans are aware of this a lot and that is the biggest entry reason there is to make profit in crypto world.

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Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.
Some people say that there will be huge bad news on September 14.
Some people say that South Korea will close many trading platforms in September.
I don’t know if it’s a fake news from some black media? What do you think?

Really?
Hmm, I think people will try to search for the other exchange and hide their crypto activity from anyone, especially if their government prohibits crypto trading in their city. I am sure they will not want to expose crypto to people they do not know because that can put them in danger. Even if the exchange in South Korea closes many trading platforms, that does not mean people will stop trading, especially if they can benefit from the crypto. We will see the next update and hopefully, that is only fake news.

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I think the government is not taking good measures for whatever reason that will make them deciding to close down exchanges because the increase in exchange is growing and it generate income to the government through tax. Whether there are scam is another side but If government can decide to regulate and do a KYC requirement for customers on the exchange, that is better to close them down.

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I've heard of that news that many exchanges are bound to be closed because of government ruling.

Well, those sources that has been dropped on this thread makes it valid as a news but about people telling don't buy on September. It's none of their business and it is you to decide when you buy.

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Quote from: stompix on September 13, 2021, 10:58:31 AM

I'm starting to wonder if bitcoiners aren't the biggest deniers in the world

Sometimes they are, but if we take just this forum as an example, then it is more than clear that most still do not practice two basic things - the first is to check some news from multiple sources, and the second is to read posts written by someone before you, so that you can draw a conclusion from all this.

I am of the opinion that no matter how much we talk about Bitcoin and decentralization in the sense that everyone can do what they want, in the context of crypto exchanges there is a big mess considering their number, and the fact that a large number of them operate in some kind of gray zone, which allows them to exit scam at any time.

Therefore, I support the decision of the governments to bring order to the sector, and that not everyone can just open a crypto exchange without meeting high standards.

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Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.

I wasn't actually aware of what's happening in South Korea but after checking this thread, I searched google indeed there seem to be some issues on crypto exchanges where some 2.6B dollars loss is expected. I haven't checked in details, will do that later and see what the fuss is all about. In general, as long as Bitcoin is not banned in your country, there's no harm in buying them because the price and value of Bitcoin won't collapse just because of the problems in a single nation.

Quote from: tuertezii on September 13, 2021, 03:41:32 AM

Some people say that South Korea will close many trading platforms in September.

Not sure but it might be to control illegal transactions and the operation of some exchanges. I would suggest you to monitor the situation and don't panic.

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Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.

I've seen some comments, that I remember in September 2017 the price started to increase a lot; in september of last year the price was at $10.000 and it started to go up a lot too, so why are people putting it as if september was the month of price drop? it doesn't make much sense in my opinion to blame September as a month of price drop

Quote from: tuertezii on September 13, 2021, 03:41:32 AM

Some people say that there will be huge bad news on September 14.

this is rumor, don't believe it

Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I don’t know if it’s a fake news from some black media? What do you think?

do trade or do hodl and don't worry about it

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Yes, It is true. Gopax is one of the exchange from South Korea that I use regularly, in the past week, they have sent me a notification about the need for the exchange to close as a result of government regulations. I was adviced to remove my asset on the exchange! It's going to be difficult going forward for traders not domicile in South Korea to be able to use Cryptocurrency exchange in that country!

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Merit: 6403

Blackjack.fun

Quote from: tbct_mt2 on September 13, 2021, 04:21:43 AM

It is a fud.

Of course, something that is not good might happen, it is FUD. /S
I'm starting to wonder if bitcoiners aren't the biggest deniers in the world

Quote from: tbct_mt2 on September 13, 2021, 04:21:43 AM

South Korea is one of rising nations in Asian crypto market and in the nation, there are many changes in regulations so far.

And? That didn't stop them nor Japan to implement tougher rules who made Binance pack overnight and run away! Remember this?
https://www.binance.com/en/support/announcement/fc0d84c3b19d4069aceb6a7e47262242

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As Binance constantly evaluates its product and service offerings to proactively comply with local regulations, we will discontinue the following offerings in Korea, effective immediately.

Was this FUD or was it CBD, Certainty Beyond Doubt?

Quote

The Korean authorities have identified 27 crypto exchanges based overseas that allow virtual asset trading in Korean, and requested them to take necessary measures by Sept. 24 to continue dealings with Korean clients.
But none of them have so far obtained the state certification to continue offering services to Korean investors, according to the FSC.

barbara44

hero member

Activity: 2534

Merit: 605

Quote from: tbct_mt2 on September 13, 2021, 04:21:43 AM

It is a fud.

South Korea is one of rising nations in Asian crypto market and in the nation, there are many changes in regulations so far. Government try to implement more regulations, to reduce scam ICOs and protect citizens. They are a modern nation not like North Korea so they know what are happening on the world. Consequently they will open with blockchain industry and crypto exchanges.

Close them all, no, never.

Do KYC, pay tax, and a few more requirements if implemented, then continue operations of crypto exchanges and trading activities.

That makes sense and sounds good. There are too many ICOs nowadays and indeed many investors and traders are getting scammed so it might be a step in the right direction to ban these ICOs.

There is news that the majority of crypto exchanges will be closed in south korea and I really hope that's a fud more than anything.

From the little research, I found out that all crypto businesses shall be registered under Korea Financial Intelligence Unit (KFIU to operate in south korea so maybe these exchanges are not registered and hence being shut down.

YOSHIE

legendary

Activity: 2128

Merit: 1775

Quote from: tuertezii on September 13, 2021, 03:41:32 AM

I don’t know if it’s a fake news from some black media? What do you think?

it's not fake news, yes it is news that is currently viral in South Korea.

Many people today are frightened and misinterpret the actual news, the intentions of the South Korean government, Exchanges in South Korea must be officially re-datad from the government, to prevent things that lead to corruption, money laundering etc.

For a more complete answer, you can read below.

South Korea’s Registration Deadline for Crypto Exchanges Could Erase $2.6B in Assets: FT

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South Korea’s Financial Transaction Reports Act is requiring all crypto exchanges to register with the Financial Services Commission (FSC) by the end of the month. To comply with the country’s anti-money laundering and know-your-customer procedures, crypto exchanges need to register with local banks and set up real-name accounts for their customers.

You know the meaning of the answer I quoted above, I don't think it needs to be explained again, you will understand it for that.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

I have reviewed some sources who have published the news of the possible closure of a number of crypto exchanges in South Korea, and the whole thing actually has a very solid basis in that everyone who does business with cryptocurrencies must register and meet all new conditions by September 24 this year. It is estimated that 40 out of about 60 exchanges will fail to do so within the deadline, and will be suspended or closed, which could cause about $2.6 billion in losses.

How much this will really affect the crypto market remains to be seen, but the amount mentioned (albeit large) is still very small if we only look at the BTC market cap which is around $840 billion at the moment.

Quote from: https://www.pymnts.com/cryptocurrency/2021/south-korean-crypto-traders-expect-new-market-rules-cause-2-billion-dollar-losses/

South Korea’s Financial Services Commission regulatory agency is toughening rules for cryptocurrency exchanges, and the move could cost traders $2.6 billion or more, the Financial Times (FT) reported.

The regulatory body issued a press release Sept. 6 stating that staffers had held an online meeting with “virtual asset service providers,” or VASPs, to discuss requirements related to a Sept. 24 deadline to register their businesses with the government.

tbct_mt2

hero member

Activity: 2366

Merit: 838

It is a fud.

South Korea is one of rising nations in Asian crypto market and in the nation, there are many changes in regulations so far. Government try to implement more regulations, to reduce scam ICOs and protect citizens. They are a modern nation not like North Korea so they know what are happening on the world. Consequently they will open with blockchain industry and crypto exchanges.

Close them all, no, never.

Do KYC, pay tax, and a few more requirements if implemented, then continue operations of crypto exchanges and trading activities.

tuertezii

jr. member

Activity: 58

Merit: 11

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.
Some people say that there will be huge bad news on September 14.
Some people say that South Korea will close many trading platforms in September.
I don’t know if it’s a fake news from some black media? What do you think?

Topic: Is it true that it is said that South Korea will close many trading platforms in (Read 272 times)