💣 South Korea 🇰🇷: Crypto Exchanges Shutting Down, Raising User Concerns

💣 South Korea 🇰🇷: Crypto Exchanges Shutting Down, Raising User Concerns

With multiple crypto exchanges closing down, many investors are anxious about their assets being frozen under government regulation. However, citizens can find some reassurance‼️

▶️ The primary impact appears to be on platform operators. Since the start of the year, 11 exchanges have shut down, with 3 more temporarily suspending their services.

▶️ This situation follows the implementation of a new law regulating virtual assets, giving users the option to recover their funds in the event of bankruptcy through a special trust fund.

▶️ In total, 34,000 crypto investors now have the right to claim 12.8 million USD from the closed exchanges, either in cryptocurrency or cash.

▶️ The largest client funds were held on Cashierest (9.4 million USD), followed by ProBit (1.63 million USD) and Huobi (420,000 USD), among others.

In summary, being a crypto exchange owner in South Korea currently seems far from lucrative. It might be time to consider alternative opportunities.

#news #cryptocurrency #Asia

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