Nearly 40 crypto exchanges out of an estimated 60, may wind up operations by September 24 in South Korea, according to a report by Financial Times. South Korean cryptocurrency traders stand to lose more than $2.6 billion due to the shutdown, the report added. The shutdown is the fallout of new rules laid down by the Financial Services Commission (FSC), South Korea’s financial regulatory body, under the Financial Transactions Report Act. Under the law, foreign and local exchanges will have to register as legal trading platforms, the FT report stated. The FSC said that the rules will enhance consumer protection and prevent unlawful activities. South Korean crypto exchanges must tie up with local banks to open traceable bank accounts for customers in order to obtain a licence to be a legal trading platform. This will effectively lead to banks shunning smaller exchanges…
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