Cryptocurrency exchange Bybit said it will stop supporting Korean on its official platforms as of next week.
The changes will take place just four days before a Sept. 24 registration deadline that is set to cause most of South Korea’s crypto exchanges to shut down. Rival Upbit became the first to register with the country’s Financial Intelligence Unit last month. Under a law passed earlier this year, crypto exchanges must register with the regulator by the deadline or cease operations in the country.
“Bybit regularly evaluates the viability of providing the quality services clients have come to expect, while staying in compliance with local regulatory changes,” the exchange said. “Bybit believes that regulations are necessary for the democratization of cryptocurrency.”
In an official FAQ factsheet, Bybit said traders would still be allowed to access its platform and trade while they are in Korea, though all services would be provided in English.
Bybit told CoinDesk it was “just stopping to offer Korean language support,” while adding it didn’t want “to make too much of a fuss about it.”
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