"Coin Exchanges Scheduled to Close Must Announce Business Termination by the 17th"

[Asia Economy Reporter Park Jihwan] Financial authorities have urged virtual asset exchanges preparing to close their businesses to complete notifications of business termination to investors by the 17th. They also emphasized that from the time of the business termination notice, user deposits must be stopped, and withdrawals of existing assets should be handled through dedicated counters with sufficient personnel for at least one month after the business termination date.

The Financial Services Commission's Financial Intelligence Unit (FIU) and the Financial Supervisory Service announced on the 6th that they held a briefing session for virtual asset exchanges to provide guidance on key matters related to registration. This measure aims to minimize user damage as the deadline for business registration approaches on the 24th.

According to the recommendations, exchanges required to cease operations must notify customers of the business termination at least 7 days prior to the termination date, by the 17th. Additionally, user deposits must be stopped after the business termination notice, and withdrawals of existing assets should be conducted through dedicated counters with sufficient personnel for at least 30 days after the termination date. After business closure, users' personal information must also be destroyed in accordance with relevant laws and regulations.

Exchanges that have obtained Information Security Management System (ISMS) certification but have not secured a Real-Name Verified Deposit and Withdrawal Account Certificate (real-name account) must close their Won Market (intermediation between fiat currencies such as Korean won, US dollars, and virtual assets) by the 24th if they wish to register only for the Coin Market (intermediation solely between virtual assets without fiat currency involvement). In this case, the business operator must submit documents confirming the closure of the Won Market at the time of registration.

For virtual asset business operators who have registered with the FIU, a review process will be conducted for up to three months after submission. The FIU will also inspect compliance measures required by law for virtual asset operators, such as segregated management of customer deposits and prohibition of handling dark coins.

The FIU plans to closely monitor and supervise whether the registered operators properly fulfill their anti-money laundering obligations even after registration approval.

The financial authorities stated, "Virtual asset operators who have not registered with the FIU have no choice but to close or suspend their businesses," and emphasized, "It is necessary to regularly check whether operators have registered, and whether closure or suspension notices have been issued, and to take proactive measures such as withdrawing deposits and virtual assets in advance if necessary."

This content was produced with the assistance of AI translation services.