The South-Korean government issued a release earlier this year that all exchanges should meet up with some updated Anti-Money Laundering requirements or it will be banned. Thus, every major exchange in South-Korea is on their toes to meet this standard.
However, some are having a hard time to level-up. With respect to this, ByBit announced on Friday that it would be halting some of its services in South-Korea. For the record, ByBit is one of the most popular exchanges in the country.
In the release, the management of ByBit noted the reason for this discontinuation of services is for active cooperation with the regulators. According to them, the cryptoverse must be aware that regulations are necessary for the democratization of the ecosystem.
First of all, ByBit announced that the Korean language would no longer be available on its platforms; mobile application and website. In addition, the Korean Won (KWN) has been stopped. It can neither be used as a trading pair nor as a means of payment.
More importantly, the exchange publicized that its community would no longer exist in South-Korea. Especially on its social media platforms.
Be that as it may, the ByBit management said the exchange would be dialoguing with the respective South-Korean regulators to reach a common ground in making the best policies for the ecosystem.
“Bybit will be engaging in productive dialogues with regulators and legal professionals to prevent any inconvenience,” reads the release.
Over the last few months, exchanges have been discontinuing their product offerings from some countries due to legal impediments. Coinbench once reported how Binance has discontinued its offerings in Singapore among many other countries.