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Coinbit will be able to return and start offering its services again to customers in South Korea after completing all the requirements. The Korean crypto exchange was one of the companies that were ordered to close as they were not able to comply with the requirements, under the new, before the due date in September.
With the recent developments, Coinbit is now set to become the fifth crypto exchange to serve trade in Korean currency. Business insiders shared that a local bank that was not named settled internal procedures to open bank accounts for traders with Coinbit after deliberation to pick a crypto partner.
According to Pulse News, before Coinbit suspended its Korean currency-based trade in September due to its failure to secure a bank to service accounts of its users as part of the new anti-money laundering regulations in the country, it used to have almost one million users. The number was said to have dipped to just 100,000 after suspending its operations.
Once it officially receives a confirmation for account verification from the bank to get approval this year, Coinbit is planning to move and register its trading service with financial authorities. It was mentioned that Gdc and Gopax are also working on getting back into the business and also waiting for their respective confirmation from banks.
In South Korea, only four are currently fully approved to provide services, and these are the top four names in the crypto exchange business. Bithumb, Upbit, Coinone, and Korbit were able to complete registration, file necessary requirements, including finding their own partner banks before the due date. Both Korbit and Upbit have already received full approval from the country’s Financial Services Commission, while Bithumb and Coinone are still waiting for a green light.
In any case, most of the cryptocurrency exchanges in S. Korea were forced to shut down two months ago as the local financial watchdog tightened rules on crypto services. Fortune previously reported that many managed to file for licenses, but only a few were able to proceed with the procedures.
At that time, 28 exchanges out of 63 operators received their certification from the Korea Internet and Security Agency (KISA) which is the first step to get approval from the Financial Services Commission (FSC). 35 companies were instantly closed as they are not likely to comply before the deadline, and as mentioned before, only four of the companies actually made it, and Coinbit may soon be added to the list.
