SnapBots News Review-South Korean Exchanges Delist High-Risk Coins

As the crypto market grows, so does the number of new coins being introduced to the market.

Along with that is the increase in number of new crypto investors who dive in without research and are only after fast and easy money. Often times, this leads to significant losses.

According to a new law passed in South Korea, crypto exchanges are required to register with the Financial Supervisory Service (FSS).

South Korea’s Crypto trading platforms have to delist few digital currencies as they abide by stricter industry rules. The trading of high-risk coins are either halted or completely suspended on several Korean exchanges this week.

Upbit, one of the largest exchange in South Korea, has so far decided to delist five digital currencies — paycoin, maro, observer, solve.care, and quiztok. Coinbit has also ended the trading of eight cryptocurrencies while putting another 28 coins in their warning list.

Trading platforms in South Korea need to open real-name bank accounts for their customers in partnership with local banks. Real-name accounts prevent money laundering by assigning a verified individual to a single bank account with which they may withdraw and deposit fiat currency from and to exchange.

However, so far, only the largest exchanges — Bithumb, Upbit, Coinone, and Korbit have been able to use this system, as banks have been reluctant to provide this service to small and medium-sized exchanges.

Source: https://news.bitcoin.com/korean-exchanges-delist-high-risk-coins-as-they-face-tough-regulations/

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