BitMEX joins Binance in modifying services as South Korea continues crackdown on exchanges

BitMEX joins Binance in modifying services as crypto exchanges in South Korea race to comply with new regulations following crackdown
BitMEX joins Binance in modifying services as crypto exchanges in South Korea race to comply with new regulations following crackdown

BitMEX has finally joined Binance in modifying its services as exchanges race against time to remain in compliance with new rules and regulations. Recall, South Korea recently made moves to regulate crypto exchanges, and in line with the September 24 deadline, Bitmex has now removed the Korean language from its website.

South Korea has since followed suit with Australia and other countries to regulate crypto trading and other related businesses. And since then, only four exchanges have fully complied. Although according to reports, 40 more businesses may shut down as a result. So in a bid to be fully compliant, BitMEX has started removing Korean language materials from its trading platform.

Why BitMex is Affected

There’s something noteworthy about the new Anti-Money Laundering rules though. They are not only required of local exchanges but all foreign exchanges operational within the country as well.

The Korean regulators have already issued an ultimatum for all exchanges to register fully with its anti-money laundering arm.  They said any exchange that is yet to register by September 24, will immediately stop operating in the country.

Surely, this new crypto rules and regulations in South Korea may force quite a number of exchanges to close operations. And in line with the requirements, BitMEX like Bybit and Binance, has already started withdrawing Korean language from its services.

Binance has since August removed won payment options as well as the Korean Language from its platform. Also, Bybit announced to its users a week ago that it would be stopping Korean language support.  Bybit announced to its users a week ago that it would be stopping Korean language support.  

BitMEX does not see the new regulations in a bad light though. According to a statement by the crypto firm, the new order will only ensure that crypto as a fast growing asset, is improved in all ramifications. Confirming its support to the regulation, BitMEX explained how its in full support of the efforts of regulators. Stating how it’ll help bolster the standards of cryptocurrency products.

In other news, about 60 exchanges in total will be stopping their services today, at least, temporarily. While, about 40 exchanges may fully halt operations at the expiration of the given ultimatum. So far, only four exchanges have fully complied with the requirements of the Korean government.

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