A number of middleweight cryptocurrency exchanges in South Korea will close their doors as the country’s financial regulator launches an inspection into suspected illegal activities.
South Korea’s Financial Services Commission (FSC) will reportedly close a total of 11 local exchanges. All of which have used fraudulent accounts, according to reports.
Authorities and reports had not disclosed the suspected exchanges at time of press. However, reports indicate that the exchanges in question will be unable to gain approval from the FSC for operation in future.