South Korea’s crypto exchange closures lock $13M in investor assets
More than 33,000 crypto investors in South Korea are unable to access approximately $13 million in assets due to the closure of 14 crypto exchanges. These closures are a response to the Virtual Asset User Protection Act. A total of 33,906 users are seeking to reclaim their assets, with 11 exchanges closed and three temporarily suspended. The affected exchanges held 17.8 billion won in customer assets, including 1.41 billion won in cash and 16.4 billion won in virtual assets. Cashierest, which shut down in 2023, held the largest share at 13 billion won. Additionally, about 30.7 billion won is tied up in platforms that have temporarily halted operations. Regulatory compliance costs may lead to further closures or suspensions of exchanges during the ongoing review process by the Financial Services Commission (FSC).
