BitMEX Joins Binance, Bybit in Removing Korean Language Ahead of Regulatory Deadline

BitMEX joined the ranks of crypto exchanges removing Korean language materials from its site ahead of a regulatory deadline that will likely banish dozens of exchanges from South Korea.

• “With the introduction of new local regulatory requirements in South Korea on 24 September 2021,” BitMEX will remove all Korean language from its site and trading platform, the exchange said in a Thursday blog post.
• This is likely the clearest mention of the Sept. 24 deadline among three foreign exchanges that have made similar moves in the past two months.
• Binance announced it was removing Korean won payment options and trading pairs, as well as Korean language in August, while Bybit said last week it was stopping Korean language support.
• In April, South Korea’s Financial Services Commission said all crypto exchanges have to register with its anti-money laundering arm by Sept. 24 or stop operating in the country. Registration requires them to fulfill certain cybersecurity criteria, as well as set up partnerships with banks for real-name registration.
• Only four have succesfully registered: Upbit, Bithumb, Coinone, and Korbit.
• Close to 60 exchanges will have to at least partially suspend service on Friday, while 40 will have to stop operating completely, Reuters reported earlier this week.

Read more: South Korea’s Ruling Party Looks to Delay Next Year’s Crypto Taxation in Amendment: Report