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S Korea Now Has 24 Licenced Crypto Exchanges – But Most Are Stuck in Crypto-to-Crypto Purgatory
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Medium-sized South Korean crypto exchanges are gunning for the “big four” trading platforms’ vice-like grip on the industry – but vital banking breakthroughs are still proving elusive.
Last week the regulatory Financial Intelligence Unit (FIU) granted over a dozen crypto exchanges operating permits, EDaily reported, taking the number of registered crypto operators (e.g., exchanges, wallets) in the nation to 29. This number includes five wallet operators and the “big four” crypto trading platforms: Upbit, Bithumb, Korbit, and Coinone. These four firms have obtained the banking partnerships that allowed them to offer fiat on/off ramps.
The remaining 20 firms are exchanges that failed to obtain real name-authenticated banking deals prior to a
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