Is it true that it is said that South Korea will close many trading platforms in

[tuertezii]

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.
Some people say that there will be huge bad news on September 14.
Some people say that South Korea will close many trading platforms in September.
I don’t know if it’s a fake news from some black media? What do you think?

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[tbct_mt2]

It is a fud.

South Korea is one of rising nations in Asian crypto market and in the nation, there are many changes in regulations so far. Government try to implement more regulations, to reduce scam ICOs and protect citizens. They are a modern nation not like North Korea so they know what are happening on the world. Consequently they will open with blockchain industry and crypto exchanges.

Close them all, no, never.

Do KYC, pay tax, and a few more requirements if implemented, then continue operations of crypto exchanges and trading activities.

[Lucius]

I have reviewed some sources who have published the news of the possible closure of a number of crypto exchanges in South Korea, and the whole thing actually has a very solid basis in that everyone who does business with cryptocurrencies must register and meet all new conditions by September 24 this year. It is estimated that 40 out of about 60 exchanges will fail to do so within the deadline, and will be suspended or closed, which could cause about $2.6 billion in losses.

How much this will really affect the crypto market remains to be seen, but the amount mentioned (albeit large) is still very small if we only look at the BTC market cap which is around $840 billion at the moment.

South Korea’s Financial Services Commission regulatory agency is toughening rules for cryptocurrency exchanges, and the move could cost traders $2.6 billion or more, the Financial Times (FT) reported.

The regulatory body issued a press release Sept. 6 stating that staffers had held an online meeting with “virtual asset service providers,” or VASPs, to discuss requirements related to a Sept. 24 deadline to register their businesses with the government.

[YOSHIE]

I don’t know if it’s a fake news from some black media? What do you think?

it's not fake news, yes it is news that is currently viral in South Korea.

Many people today are frightened and misinterpret the actual news, the intentions of the South Korean government, Exchanges in South Korea must be officially re-datad from the government, to prevent things that lead to corruption, money laundering etc.

For a more complete answer, you can read below.

South Korea’s Registration Deadline for Crypto Exchanges Could Erase $2.6B in Assets: FT

South Korea’s Financial Transaction Reports Act is requiring all crypto exchanges to register with the Financial Services Commission (FSC) by the end of the month. To comply with the country’s anti-money laundering and know-your-customer procedures, crypto exchanges need to register with local banks and set up real-name accounts for their customers.

You know the meaning of the answer I quoted above, I don't think it needs to be explained again, you will understand it for that.

[barbara44]

It is a fud.

South Korea is one of rising nations in Asian crypto market and in the nation, there are many changes in regulations so far. Government try to implement more regulations, to reduce scam ICOs and protect citizens. They are a modern nation not like North Korea so they know what are happening on the world. Consequently they will open with blockchain industry and crypto exchanges.

Close them all, no, never.

Do KYC, pay tax, and a few more requirements if implemented, then continue operations of crypto exchanges and trading activities.

That makes sense and sounds good. There are too many ICOs nowadays and indeed many investors and traders are getting scammed so it might be a step in the right direction to ban these ICOs.

There is news that the majority of crypto exchanges will be closed in south korea and I really hope that's a fud more than anything.

From the little research, I found out that all crypto businesses shall be registered under Korea Financial Intelligence Unit (KFIU to operate in south korea so maybe these exchanges are not registered and hence being shut down.

[stompix]

It is a fud.

Of course, something that is not good might happen, it is FUD. /S
I'm starting to wonder if bitcoiners aren't the biggest deniers in the world

South Korea is one of rising nations in Asian crypto market and in the nation, there are many changes in regulations so far.

And? That didn't stop them nor Japan to implement tougher rules who made Binance pack overnight and run away! Remember this?
https://www.binance.com/en/support/announcement/fc0d84c3b19d4069aceb6a7e47262242

As Binance constantly evaluates its product and service offerings to proactively comply with local regulations, we will discontinue the following offerings in Korea, effective immediately.

Was this FUD or was it CBD, Certainty Beyond Doubt?

The Korean authorities have identified 27 crypto exchanges based overseas that allow virtual asset trading in Korean, and requested them to take necessary measures by Sept. 24 to continue dealings with Korean clients.
But none of them have so far obtained the state certification to continue offering services to Korean investors, according to the FSC.

[otundebis]

Yes, It is true.  Gopax is one of the exchange from South Korea that I use regularly, in the past week,  they have sent me a notification about the need for the exchange to close as a result of government regulations.  I was adviced to remove my asset on the exchange! It's going to be difficult going forward for traders not domicile in South Korea to be able to use Cryptocurrency  exchange in that country!

[Slow death]

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.

I've seen some comments, that I remember in September 2017 the price started to increase a lot; in september of last year the price was at $10.000 and it started to go up a lot too, so why are people putting it as if september was the month of price drop? it doesn't make much sense in my opinion to blame September as a month of price drop

Some people say that there will be huge bad news on September 14.

this is rumor, don't believe it

I don’t know if it’s a fake news from some black media? What do you think?

do trade or do hodl and don't worry about it

[TheGreatPython]

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.

I wasn't actually aware of what's happening in South Korea but after checking this thread, I searched google indeed there seem to be some issues on crypto exchanges where some 2.6B dollars loss is expected. I haven't checked in details, will do that later and see what the fuss is all about. In general, as long as Bitcoin is not banned in your country, there's no harm in buying them because the price and value of Bitcoin won't collapse just because of the problems in a single nation.

Some people say that South Korea will close many trading platforms in September.

Not sure but it might be to control illegal transactions and the operation of some exchanges. I would suggest you to monitor the situation and don't panic.

[Lucius]

I'm starting to wonder if bitcoiners aren't the biggest deniers in the world

Sometimes they are, but if we take just this forum as an example, then it is more than clear that most still do not practice two basic things - the first is to check some news from multiple sources, and the second is to read posts written by someone before you, so that you can draw a conclusion from all this.

I am of the opinion that no matter how much we talk about Bitcoin and decentralization in the sense that everyone can do what they want, in the context of crypto exchanges there is a big mess considering their number, and the fact that a large number of them operate in some kind of gray zone, which allows them to exit scam at any time.

Therefore, I support the decision of the governments to bring order to the sector, and that not everyone can just open a crypto exchange without meeting high standards.

[jossiel]

I've heard of that news that many exchanges are bound to be closed because of government ruling.

Well, those sources that has been dropped on this thread makes it valid as a news but about people telling don't buy on September. It's none of their business and it is you to decide when you buy.

[palle11]

I think the government is not taking good measures for whatever reason that will make them deciding to close down exchanges because the increase in exchange is growing and it generate income to the government through tax. Whether there are scam is another side but If government can decide to regulate and do a KYC requirement for customers on the exchange, that is better to close them down.

[michellee]

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.
Some people say that there will be huge bad news on September 14.
Some people say that South Korea will close many trading platforms in September.
I don’t know if it’s a fake news from some black media? What do you think?

Really?
Hmm, I think people will try to search for the other exchange and hide their crypto activity from anyone, especially if their government prohibits crypto trading in their city. I am sure they will not want to expose crypto to people they do not know because that can put them in danger. Even if the exchange in South Korea closes many trading platforms, that does not mean people will stop trading, especially if they can benefit from the crypto. We will see the next update and hopefully, that is only fake news.

[el kaka22]

I doubt they would do that, it would not make any sense to close shop for so many places. After all South Koreans are in love with crypto in general, specially young generation like Z generation is definitely interested because they know that it is the only place they can fairly earn more than their counterparts. Have you heard about CV's in crypto world?

If you are a designer you show your portfolio, if coder you show your codes, if you are a writer you show your content, basically whatever job you want to do, you show what you can do, it doesn't have to be paid work, just whatever work you did, so a 50 year old with 30 year experience has to fight against a 20 year old studying in college, there is no more CV that makes a false hope that older would be better, which is wrong, talent makes you better. Koreans are aware of this a lot and that is the biggest entry reason there is to make profit in crypto world.

[CaVO32]

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.

I wasn't actually aware of what's happening in South Korea but after checking this thread, I searched google indeed there seem to be some issues on crypto exchanges where some 2.6B dollars loss is expected. I haven't checked in details, will do that later and see what the fuss is all about. In general, as long as Bitcoin is not banned in your country, there's no harm in buying them because the price and value of Bitcoin won't collapse just because of the problems in a single nation.

Some people say that South Korea will close many trading platforms in September.

Not sure but it might be to control illegal transactions and the operation of some exchanges. I would suggest you to monitor the situation and don't panic.

Anyway, the good thing here is that they are not banning the use of crypto but their government just want to regulate their crypto transactions by requiring KYC from the exchanges' customers. So for those who don't want to undergo kyc, they will find outside exchanges to perform their crypto trading. And that's why, they have projected losses because of this move. The government may have valid reasons but a lot of crypto users don't want to submit their details to the government.

[Lucius]

I doubt they would do that, it would not make any sense to close shop for so many places. After all South Koreans are in love with crypto in general, specially young generation like Z generation is definitely interested because they know that it is the only place they can fairly earn more than their counterparts.

Why do you doubt something that is a clear factual situation? If one country has over 60 crypto exchanges, and some of them do not meet the criteria to operate in such a sensitive sector, is it not logical to remove such companies from the market? Unless you think all the hacking we're reading about (and it's about South Korea) is something we should consider normal?

Japan did something similar a few years ago, and it seems that the rules will be tightened even more - but it is for the good of all users, because we all want crypto exchanges to be as secure as possible.

[Ararbermas]

I have always received a lot of negative news these days. Everyone says that I don’t buy too much in September，It seems reasonable.
Some people say that there will be huge bad news on September 14.
Some people say that South Korea will close many trading platforms in September.
I don’t know if it’s a fake news from some black media? What do you think?

make more research so that you can figure it out if it's true or not, because for your information nowadays FUD's is increasing because of the new situation of the market wherein for sure they want to see the market plunges so dip just to have a good range to buy and accumulate more that's why they keep spreading false information in such situations ,indeed the common strategy even market keep climbing, so you need to be aware mate.. Make research always to obtain specific information..

[el kaka22]

Why do you doubt something that is a clear factual situation? If one country has over 60 crypto exchanges, and some of them do not meet the criteria to operate in such a sensitive sector, is it not logical to remove such companies from the market? Unless you think all the hacking we're reading about (and it's about South Korea) is something we should consider normal?

Japan did something similar a few years ago, and it seems that the rules will be tightened even more - but it is for the good of all users, because we all want crypto exchanges to be as secure as possible.

Who makes these decisions? Governments. How does governments become governments? By getting votes. How do governments get votes? By making people happier than the other ones. How do you plan on making people happy when you are doing something they do not enjoy, or simply dislike? You won't. This is why I believe that anyone trying to close shop on some places will be making a certain amount of people angry and if you do something that they dislike then they will not vote for you or at least there is a chance that they may not.

I do not know a single government in the entire world that ends up enjoying doing something that will cause them a lot of votes in the end. It is obvious, very obvious that every single casino will be doing something about it.

[Lucius]

How do you plan on making people happy when you are doing something they do not enjoy, or simply dislike? You won't. This is why I believe that anyone trying to close shop on some places will be making a certain amount of people angry and if you do something that they dislike then they will not vote for you or at least there is a chance that they may not.

These are online crypto exchanges, not physical stores or shops as you classify them, so it doesn't matter if there are 60 or 20 of them, because everyone online has access to each of them. The government protects users in this case, because there can be no such mess in such a sensitive business as cryptocurrencies - should every kid with a little more computer knowledge should be allowed to start a crypto exchange?

The number doesn't matter at all, it's important that such platforms are secure and that they can meet the highest standards in their business - all those who can't meet the conditions will be closed, and I don't see any problem with that.

[so98nn]

Looks like the news was fake as 14th is already passed on and market is behaving just right. Moreover, there was pretty small chance that if they even banned the exchanges then market would have reacted it. Korea does not contribute that much in the crypto space. All the geographical investment is from the USA and Europe and some parts of Asia at the end. So this news was just another fud and nothing else. Also, these kinds bans only move the market in temporary sense. Meaning peeps will always find a way to come back from p2p and what not.