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Foreign crypto exchanges seek distance from Korea ahead of tighter regulations

An illustration depicts Bitcoin. (Yonhap)
An illustration depicts Bitcoin. (Yonhap)
Some foreign cryptocurrency exchanges have distanced themselves from South Korea as Korean authorities are set to enforce tighter regulations against virtual coins.

By Sept. 24, cryptocurrency exchanges targeting Korean investors must register with the nation's anti-money laundering body and disclose their details on risk management.

Under the tougher regulations, banks will issue real-name accounts in line with stricter guidelines to prevent money laundering. Beginning Sept. 25, cryptocurrency exchanges will be banned from withdrawing money for cryptocurrency trading if they have no real-name bank accounts.

Bitfront, a US-based cryptocurrency exchange set up by the messaging app company Line, has said it will stop providing a Korean-language service on Sept. 14.

Citing the tougher regulations, Bitfront also said it will discontinue payments with Korean credit cards on Sept. 14.

Some foreign cryptocurrency exchanges have distanced themselves from South Korea as Korean authorities are set to enforce tighter regulations against virtual coins.

By Sept. 24, cryptocurrency exchanges targeting Korean investors must register with the nation's anti-money laundering body and disclose their details on risk management.

Under the tougher regulations, banks will issue real-name accounts in line with stricter guidelines to prevent money laundering. Beginning Sept. 25, cryptocurrency exchanges will be banned from withdrawing money for cryptocurrency trading if they have no real-name bank accounts.

Bitfront, a US-based cryptocurrency exchange set up by the messaging app company Line, has said it will stop providing a Korean-language service on Sept. 14.

Citing the tougher regulations, Bitfront also said it will discontinue payments with Korean credit cards on Sept. 14. (Yonhap)

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