Exchanges

Bitmex removes Korean language as regulatory deadline approaches

  • Bitmex has ended support for the Korean language on its website due to regulatory requirements
  • Exchanges in South Korea are expected to register with the FSA before September 24 if they are to stay in business
  • Only four exchanges have fulfilled all the requirements and registered with the regulator

Bitmex has followed the footsteps of Binance to remove Korean language support on its platform as the regulatory deadline looms

Bitmex ends Korean language support

Cryptocurrency exchanges operating in South Korea have until tomorrow, September 24, to register with the regulators if they wish to stay in business. However, with the deadline fast approaching, the exchanges are closing their services in the country.

Derivative trading platform Bitmex has followed the likes of Binance and Bybit in ending its language services in South Korea. The exchange announced this latest decision in a blog post earlier today, stating that the Korean language would no longer be supported.

Bitmex said, “With the introduction of new local regulatory requirements in South Korea on September 24, 2021, BitMEX is removing Korean language materials from its website and trading platform. All other services will remain unaffected. We fully support the efforts of regulators to help establish standards for cryptocurrency products that will underpin the advancement of this rapidly growing asset class.”

South Korean exchanges are struggling to meet the deadline

Exchanges in South Korea are struggling to register their services with the Financial Services Commission before tomorrow’s deadline. In April, the FSC said all crypto exchanges have to register with its anti-money laundering arm by September 24 or stop operating in the country.

To register, the exchange will have to fulfill certain cybersecurity criteria, as well as set up partnerships with banks for real-name registration. However, at the time of writing, only Upbit, Bithumb, Coinone, and Korbit have registered with the regulator. More than 60 crypto exchanges have partially suspended their services in the Asian country.

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