Industry insiders: Only 5 South Korean cryptocurrency exchanges may survive

According to Yonhap News, industry insiders predict that of the 60 or so cryptocurrency exchanges in South Korea, only one, Gopax, may survive in addition to the four major exchanges, Bithumb, Coinone, Korbit and Upbit. With the deadline for crypto asset business reporting (September 24) approaching, only 20 exchanges previously invited to the Financial Intelligence Unit (FIU) symposium under the Korea Financial Services Commission have passed the ISMS certification. Regardless of the ISMS, industry insiders believe that very few of these 20 businesses will survive due to the difficulty of securing real-name accounts for exchanges. Therefore, small and medium-sized exchanges that have not been able to get real-name confirmed access accounts from banks are urging the government to formulate countermeasures. At the symposium, the small and medium-sized exchanges positively confided their difficulties in securing real-name accounts. However, FIU responded that there is no countermeasure plan and that the declaration should be made in accordance with the recommended matters. In previous news, crypto exchanges are required to obtain real-name accounts from banks in order to operate under the revised version of the Korea Specified Financial Transaction Information Act.