LINE’s Bitfront to end South Korean support
Foreign crypto exchanges are starting to wind down their operations in South Korea ahead of the implementation of new regulations. The regulation is expected to make it tough for some exchanges to operate in the Asian country.In a report by local news outlet Yonhap News earlier today, Bitfront, the US-based crypto exchange launched by Japanese tech giant LINE, has revealed that it is ending its operation in South Korea soon.
According to the report, Bitfront will stop providing a Korean-language service from September 14. The exchange said it would also discontinue payments with Korean credit cards on the same date. Bitfront pointed out that the incoming regulation would make it tough to continue its operations in South Korea.
Per the new regulation, South Korean banks would be required to issue real-name accounts as regulators tighten the fight against money laundering. The regulation would make it impossible for exchanges without real-name bank accounts to withdraw money from banks. Hence, making it tough to support cryptocurrency trading activities.
Binance terminated South Korean services
The move by Bitfront comes barely a week after Binance made a similar announcement. Last week, Binance said it would discontinue the following offerings in Korea, effective immediately; KRW trading pairs, KRW payment options, P2P merchant applications and Korean language website support.The incoming regulation is expected to make it tough for several exchanges and trading platforms to operate in South Korea.
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