South Korean Authorities Ask Crypto Exchanges to Get Licensed Before September 24

Cryptocurrency exchanges operating in South Korea must obtain licenses by September 24 to operate legally in the country.

According to the Financial Services Commission (FSC), 16 foreign marketplaces operate in the country without licenses.

Should they not complete registration within the deadlines set by the state, their websites will be blocked. In addition, the authorities threaten to fine users of crypto exchanges that have not received licenses.

The FSC has reported that it may contact the countries where these 16 crypto companies are registered and inform them that they do not comply with Korean law. The list includes platforms KuCoin and MEXC, among others.

South Korean authorities started tightening control over stock exchanges last year.