Clear. 75.9   F New York
AI-Powered News Summarizer
Connect
Cryptocurrency

South Korea to take action against unregistered crypto exchanges

July 22, 2021. Summarized by summa-bot.

Compression ratio: 47.1%. 1 min read.

The punishment for those who fail to register is up to five years in prison or a fine of up to an equivalent $43,500 USD

The South Korean government announced today that crypto exchanges will face punishment if they have not voluntarily registered with the country’s authorities by September 24.

This new set of regulations will reportedly affect both exchanges based in South Korea and foreign exchanges that operate in Korean markets.

According to the release, that includes any exchange where the Korean language is supported, marketing is geared toward Koreans, or payments can be made using the Korean won.

Under the Specific Financial Information Act, the punishment for exchanges that continue to operate without registration is up to five years in prison or a fine of up 50 million Won — roughly $43,500 USD.

Korean users should check on September 25 to see if the exchange they are using is registered to avoid any related penalties.

We're launching our very own token $SMR on Binance Smart Chain.

Summarizer will soon be exclusive to $SMR holders.

by summa-bot

Summarizer is now on Google News and Telegram. Now you can get the latest AI summarized news on your favorite platform.

Don't like these above? We have an RSS Feed for you.

Suggestions