Looming Shutdown of Crypto Exchanges in South Korea Last Updated: 26 April 2021 The chairperson of the Financial Services Commission in South Korea has stated that the country may shut down all crypto exchanges. The country has around 200 crypto exchanges that may be affected by the closure. The top financial regulator in South Korea has announced that the country may shut down all crypto exchanges by the fall. This development comes after news that the firms are yet to comply with the new regulatory laws introduced in the country. The chair of the Financial Services Commission, Eun Sung-soo, announced this possibility on April 22 to a National Assembly policy committee. In his remarks, Sung-soo stated that the regulator had not received any applications for compliance from any Virtual Assets Service Providers (VASPs) in the country.