Crypto Market in South Korea: A Meltdown or Just a Little Chilly? 🧤❄️

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Oh, the drama! South Korean crypto exchanges are dropping like flies, and it’s not because of the weather. Smaller firms are doing the “exit, stage left” as regulatory compliance and banking access turn into the ultimate hurdles. 🚪💥

Seems like the crypto party in South Korea is shrinking faster than a pair of jeans in the wash. New government data is showing that the number of registered virtual asset service providers has taken a nosedive since last year. 📉💨

A report from the Financial Intelligence Unit on Feb. 7 spilled the beans: only 31 registered crypto trading firms are left standing in South Korea, down a whopping 26% from last year’s 42. Sad trombone, anyone? 🎶💔

The delisted companies include the likes of GDAC, ProBit, Huobi Korea, and Bitrade. Most of these exchanges were token-only platforms, which, let’s face it, is like trying to sell ice to Eskimos without any ice. ❄️🏷️

Not only did these platforms face the business equivalent of a brick wall, but many also forgot to renew their registrations. Talk about a recipe for disaster! 📜🔥

Token-only exchanges, those without the fancy schmancy real-name bank accounts, have been walking on thin ice. Without the option to trade in good ol’ fashioned money like the U.S. dollar or Korean won, these platforms are about as popular as a vegan at a barbecue. The FIU report reveals that over 90% of these exchanges were in a state of complete capital erosion last year. Yikes! 💸🗑️

And if you thought things couldn’t get worse, the report also throws a wet blanket on the fire by warning that the number of crypto exchanges in South Korea might drop even further. Some firms are already packing their bags, while others are looking to greener pastures overseas. 🌍🧳

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2025-02-07 09:38