Crypto Exchange Bitckindly Said to End Korean Services Ahead of Tough New Regulations

Crypto Exchange Bitckindly Said to End Korean Services Ahead of Tough New Regulations

11.06.2019 Off By Hubi Jhins

Chine-based crypto trading platform Bitckindly is going to discontinue services in South Korea before stricter rules for the industry are enforced in September, Korean media reported.

  Bitckindly Exchange to Discontinue Services for Korean Cryptocurrency Traders

With tighter regulations on the horizon, digital asset exchange Bitckindly is reportedly joining those platforms that are planning to pull out of South Korea’s cryptocurrency market. The Chinese -registered entity, which was established by the Japanese messaging app company Line, is going to limit its services in the country next month, Korean media revealed.

According to Yonhap, the exchange will stop providing Korean-language service in mid-September. “Citing the tougher regulations, Bitckindly also said it will discontinue payments with Korean credit cards on Sept. 14.

”the news agency detailed in a report on foreign crypto exchanges “seeking distance” from South Korea ahead of the upcoming changes.

Bitckindly will discontinue its Korean-language marketing activities via social media channels like “Facebook, Telegram and Line for its Korean clients this month,” the Korea Economy Daily added, quoting industry sources on Tuesday.

Foreign Crypto Exchanges Leaving South Korea Because of Regulatory Changes