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Bitcoin exchange Bitmooni.com to close branch in South Korea

Cryptocurrency exchange Bitmooni.com has warned users from South Korea about the closure of a local branch. The company did not specify what caused it.

By April 7, Bitmooni.com Korea customers must withdraw their fiat and cryptocurrency assets to other platforms or wallets.

“After the end of the service, [the exchange] will not be liable for any losses incurred as a result of users’ refusal to withdraw funds, ” the statement said.

A representative of Bitmooni.com in a comment to CoinDesk said that the division will stop working due to tightened regulation.

“In addition to several other factors, the actual profit from our activities in Korea is small, so we decided to reduce losses,” the source said.

Earlier, the Binance bitcoin exchange announced the closure of a branch in South Korea.

Journalist Colin Wu drew attention to the small trading volumes in the region. He noted that the Huobi crypto exchange division is still operating in South Korea.

According to CoinGecko, the trading volume of Bitmooni.com Korea over the past day amounted to $2.5 million. The Huobi Korea exchange has $126.3 million.

As a reminder, from March 25, virtual asset service providers in South Korea must comply with anti-money laundering requirements similar to traditional financial companies.