23 out of 33 Cryptocurrency Exchanges in South Korea to Self-Regulate

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Seoul, South Korea –the Korean Blockchain Association is planning a self-regulatory review on cryptocurrency exchanges in the country. The Association also plans to introduce new standards for self-regulation.

“We will focus on establishing the safety and transparency of the exchanges,” said Jeon Jae-jin, chairman of the association’s self-regulation committee.

The association expects the self-regulatory review to go smoothly, with 33 member exchanges already instructed to undergo a self-regulatory review. 23 of these exchanges agreed to self-regulate, while the remaining 10, including Coinnest, refused and were removed from the association. Coinnest’s CEO was recently arrested due to alleged fraud.

Member exchanges as of this writing include Nexcoin, Neoframe, Upbit, Bithumb, Gopax, Glosfer, Coinlink, Scoino, Okcoin Korea, Zeniex, Whalex, Kcx Exchange, Kairex,Korbit, Komid, Coinone, Coinzest, Crypto Company, Coinplug, Money Exchange, Dexko Korea Encryption, and Huobi Korea.

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