Bybit has suspended most services in South Korea until reaching full compliance with local regulatory changes.
Bybit also announced that they are dropping support for the Korean language on the platform and social media. Additionally, it will no longer support trading pairs, payments, and transactions with won, while other services will stay functional.
The changes will take effect on September 20. The crypto exchange hopes to reinstate its suspended services after submitting a request for an official license on September 24.
The exchanges need to prove that they are operating using real-name accounts with South Korean banks. But at the same time, banks do not want to cooperate with cryptocurrency platforms, as they carry risks for users. In addition, banks will have to take on the responsibility of overseeing exchanges, which is expensive. So far, banks are ready to discuss only four platforms: Upbit, Bithumb, Corbit, and Koinone.
“Bybit believes that rules are necessary to democratize cryptocurrency. Bybit assumes responsibility as an exchange and an industry leader in actively collaborating with regulations introduced in various jurisdictions to promote financial inclusion and the development of the crypto industry as a whole,” the crypto exchange blog said.
Some exchanges, such as Gopax, cannot yet find a banking partner, which means these platforms will have to cease operation. Gopax is hunting for a partner while it is still functioning and providing services to its clients.
Many exchanges have already ceased working since the rules for obtaining a license are too strict. We will follow the news!