Crypto exchanges are departing South Korea

19 Oct, 2018
by David Robb
Crypto exchanges are departing South Korea

Many cryptocurrency exchanges based in South Korea are making plans to leave the country. This is a result of new regulations that have recently been put in place by authorities.

Quartz reports that Coinone, Bithumb and Upbit are all departing the country and setting up elsewhere in Asia. Crypto-friendly Singapore and Thailand are two of the countries that are targeted for the relocation.

Read more: Philippines, Korea and Thailand plan to create friendly crypto environment

South Korean financial authorities recently introduced 'know-your-customer' rules as well as new controls to prevent any potential money laundering through exchanges. Certain tax benefits offered to smaller businesses were also taken away from crypto exchanges.

Read more: Crypto industry in South Korea takes a beating: government doubles taxes

According to one anonymous exchange official, "the public image that the government is trying to formulate is that exchanges in Korea are thugs...I wish I could tell you, ‘In this area we are being restricted like that.’ But it’s not like that because there is no regulation."

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