Bybit, one of the world’s leading crypto derivatives exchanges, will discontinue some of its services to South Korean users before the license period expires.
The exchange officially announced on Friday that it would end supporting Koreans on its platforms as well as the official Korean community on social media. The block is activated from M.
“Bybit does not support Korean won markets such as trading pairs, settlements or won trading. All other services remain active, ”remarked Bybit.
Bybit will be removing the features before the September 24 deadline for crypto companies to submit an official operating permit request.
New anti-money laundering requirements are required for domestic exchanges and overseas exchanges operating in the country that provides Korean language support or has won trading pairs.
This has resulted in some major overseas exchanges no longer offering their services in the country instead of meeting new stringent requirements for providing real name accounts through a local bank. Last month, Binance discontinued winning trading pairs and removed Korean language support from its website.
Today, Bybit says it is “assuming its responsibility as a stock market and industry leader by actively cooperating with regulations in other jurisdictions” to promote financial inclusion and develop the crypto industry as a whole.
Bybit did not immediately respond to Cointelegraph’s request for comment.
Related: South Korean Legislator: Delay in Crypto Tax Law Is “Inevitable”
According to the Korean Financial Services Commission, crypto platforms that do not require a license must inform their customers “at least seven days in advance” of the expected closing date and the withdrawal process. According to Reuters, more than 60 cryptocurrency exchanges in South Korea are required to open customers by midnight at the end of September to inform on Friday of the partial or total suspension of trading.