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Crypto Nightmare: 97% Of South Korean Exchanges Are At Risk Of Going Bankrupt

South Korean regulators have launched strict rules for cryptocurrency startups and crypto traders, and this has forced many Koreans to list and or trade on foreign exchanges. As a result, the majority of domestic exchanges are at risk of imploding, reported BusinessKorea.

An increasing amount of South Korean blockchain startups are listing on foreign exchanges than domestic ones. International exchanges have introduced South Korean won for crypto to fiat-involved transactions without real-name accounts, and this move has attracted cryptocurrencies projects in the country to list on oversea exchanges.

BusinessKorea said Binance Labs, headquartered in the European Union, has added the won feature to its platform to attract cryptocurrency projects from South Korea.

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