Ahead of a Regulatory Deadline, LINE's Crypto Exchange will cease operations in South Korea

According to reports, a crypto exchange affiliate of Japanese internet giant LINE would restrict its services in South Korea starting next month.

According to a story published by Yonhap News on Tuesday, LINE's Bitfront exchange in the United States will stop offering a Korean-language service on September 14. By the same day, the exchange will cease accepting payments made using Korean credit cards.

The move indicates one of the first of what may be a slew of international exchanges withdrawing or restricting services inside the country in anticipation of tighter restrictions.

Binance, one of the world's biggest crypto exchanges by transaction volume, suspended trading pairings and payment options using the South Korean won earlier this month, citing local laws as the reason.

According to South Korea's Financial Transaction Reports Act, all crypto exchanges must register with authorities by September 24 and acquire an information security certificate.

The Korea Internet and Security Agency granted the certificate, which is required for virtual asset service providers, including crypto exchanges, to operate inside the nation.

The Financial Intelligence Unit of South Korea has been pressuring exchanges to register in order to comply with the country's new anti-money laundering legislation.

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