ByBit closing up shop in South Korea

Due to license issues, ByBit suspended their operations from the South Korean regions.

ByBit is a leading derivatives crypto exchange and also it was operating its operations in South korea but under the new guidelines all the crypto exchanges have to follow two mandatory rules. First one is to register with FIU with certification which ensures the security and custody of the users and second one is real name account issuance by the local banks of Korea. It seems Bybit failed to comply with the guidelines. 

Bybit announced on Friday that they will suspend their operations from South Korea. With this they will discontinue supporting the Korean language as well as Korean social media community support. And this will take effect from Monday. 

“Korean traders may still use Bybit products and services. These products and services just won’t be offered in the Korean language any more,” 

A representative of Bybit said that they asked for the license to operate their services but regulators denied and claimed that they will only give licenses for the  local korean crypto services. 

Here Bybit is not alone in this situation to halt the crypto operations in Korea, there are more than 60 crypto exchanges, which are facing this issue and near to stop their services. 

Read also: 21 out of 60 exchanges are expected to continue their operations in Korea

Here one thing is noticeable, South Korea regulators never said that they will only allow local crypto exchanges, instead they said that all the crypto exchanges should comply with the rules and guidelines. But the matter of Bybit, shows how Koreans regulators are busting foreign exchange from the country.

Read also: A American financier believe bitcoin one day become a global reserve currency in future