- South Korean crypto exchanges are delisting risky coins.
- The move comes in the wake of tighter operating regulations.
- However, the South Korean crypto market continues to flourish.
South Korean crypto exchanges have tightened their listing rules in the wake of tighter regulations in the country. As a result, some high-risk coins have been either de-listed or suspended.
To clarify, South Korea now requires crypto exchanges operating in the country to register with the Financial Supervisory Service (FSS). In addition, the government requires crypto exchanges to work with banks to provide real-name bank accounts for their users.
However, several banks have declined to work with the exchanges. Some banks like Woori, KB, and Hana cited hacking and money laundering fears as the reason for their reluctance.
To mitigate this, it seems exchanges are taking a stricter stance to qualify for the Information Security Management System
This article was first published on coinquora.com