Big 4 Cryptocurrency Exchanges Complete Registration... What About the Others?

Upbit, Bithumb, Coinone, and Korbit Complete Submission of Business Registration Documents

[Asia Economy Reporter Park Sun-mi] The 'Big 4' cryptocurrency exchanges that have completed contracts for issuing real-name bank accounts have submitted their business registration documents, granting them the legal authority to continue conducting won deposit and withdrawal transactions as before after the 24th.

According to the financial sector on the 11th, the four major cryptocurrency exchanges?Upbit, Bithumb, Coinone, and Korbit?have completed their business registration with the Financial Intelligence Unit (FIU) of the Financial Services Commission. Upbit took the lead by completing the re-contract for real-name bank account issuance with K Bank and submitting its business registration first, followed by Bithumb and Coinone re-contracting with NH Nonghyup Bank, and Korbit successfully re-contracting with Shinhan Bank, continuing the business registration process. Accordingly, the Big 4 cryptocurrency exchanges will be able to continue their existing operations even after the cryptocurrency business registration deadline on the 24th.

The deadline for cryptocurrency business registration under the Act on Reporting and Using Specified Financial Transaction Information is until the 24th. Due to the Chuseok holiday, only one week remains for exchanges to submit their registration.

Exchanges other than the Big 4 that have not obtained real-name account issuance but have acquired Information Security Management System (ISMS) certification are expected to register as businesses conducting only coin-to-coin transactions without won trading and will attempt to obtain real-name accounts in the future.

According to the Financial Services Commission, as of the end of July, among 42 exchanges without ISMS certification, only 18 are in the application process. Twenty-four exchanges have not even applied for ISMS certification, and since it typically takes 3 to 6 months to obtain ISMS certification after application, it is highly unlikely that certification will be obtained before the 24th of this month.

According to the Financial Supervisory Service guidelines, cryptocurrency exchanges must notify their members at least 7 days in advance when situations arise that require partial or full business closure, such as decisions to cease some operations, non-registration decisions, or receipt of non-acceptance notices.

Considering the registration deadline is the 24th, exchanges must notify customers about business closure and transaction suspension by the 17th. The notice must be issued immediately once business closure is confirmed. After the business closure notice, new deposits of funds and cryptocurrencies will be suspended. New member registrations will not be accepted, and necessary measures such as deleting existing member information must be carried out.

However, to minimize consumer damage due to the wave of cryptocurrency exchange closures, exchanges must support withdrawals of deposits and coins through a dedicated window for at least 30 days after the business closure date. Users will also be able to transfer their existing coins to other exchanges.

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