ByBit suspends service to Korean traders

by in Cryptocurrency News

Bybit

Over the past several months, the South Korean authorities have been negotiating with cryptocurrency exchanges to develop an effective interaction mechanism.

According to the new rules, each trading platform is required to obtain a license. To do this, it needs to provide all the necessary information to supervisory authorities in the framework of compliance with anti-money laundering legislation. Some exchanges were forced to stop serving Korean traders.

This week, crypto derivatives platform ByBit released a statement of partial cessation of operations in the country.

The trading platform does not intend to leave the market completely. It will suspend service to users until a license is obtained, according to the ByBit blog. Korean language and community support on social media will end on Friday, September 17th.

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Users will not be able to conclude transactions in tandem with the South Korean won, while the exchange will retain all other services. On September 24, the administration will apply for a license.

Recall that in August, the world's largest platform Binance stopped trading cryptocurrencies paired with won and support for the Korean language.

ByBit has announced that it will work with the authorities to secure the right to resume full operations in the South Korean market.