Greater than 33,000 crypto traders in South Korea are at present unable to entry their belongings, which quantity to round $13 million, because of the closure of a number of crypto exchanges within the nation, native media outlet The Korea Occasions reported on Oct. 14.
In accordance with the report, 14 digital asset exchanges in South Korea have both shut down or briefly suspended operations in response to the Digital Asset Consumer Safety Act. In consequence, roughly 17.8 billion gained, or about $12.8 million, in prospects’ digital belongings is at present locked on these platforms.
This data comes from latest knowledge launched by Consultant Kang Min-Kuk of the ruling Individuals Energy Occasion. In accordance with the report, a complete of 33,906 South Korean customers are searching for to reclaim belongings from the affected exchanges. Notably, 11 exchanges have closed, whereas three others have suspended their providers.
Earlier than their closures, these exchanges held a mixed whole of 17.8 billion gained in buyer belongings, together with 1.41 billion gained in money and 16.4 billion gained in digital belongings.
Cashierest, which shut down in 2023, held the biggest share of buyer belongings at 13 billion gained, or roughly $9.4 million. It’s adopted by ProBit and Huobi, which maintain belongings value 2.25 billion gained ($1.6 million) and 579 million gained ($419,000), respectively.
Along with the closed exchanges, about 30.7 billion gained (equal to $22 million) is tied up in platforms which have briefly halted operations. This example might considerably enhance the variety of prospects with frozen belongings, though the precise impression stays unclear.
A few of the exchanges concerned embrace Oasis, with 16.2 billion gained ($11.7 million), Flata, with 14.35 billion gained ($10.3 million), and Btrade, with 80 million gained ($57,962).
Consultant Kang famous that the continuing drive for regulatory compliance might additional elevate these numbers. He reportedly stated:
“With the digital asset market in a hunch and regulatory compliance prices on the rise, extra exchanges are prone to stop or droop operations in the course of the ongoing renewal overview course of by the FSC.”