The domestic cryptocurrency trading site’David’ is closing. Recently, an exchange called CPDAX is taking this procedure.
On the 21st, David announced through an announcement that the transaction service will be terminated on June 1st.
David, which opened as a subsidiary of Chain Partners in October 2018, decided that it was difficult to provide normal transaction services anymore due to the change in the regulatory environment following the enforcement of the amendment to the Act on the Use and Reporting of Specific Financial Transaction Information (Special Law). It was decided to end sequentially. Since the enforcement of the revised bill of the Special Funds Act on the 25th of last month, the declaration of’self expulsion’ has been followed. Earlier, an exchange called CPDAX is also following the same procedure.
According to the Act on Special Funds, cryptocurrency exchanges and other virtual asset providers must meet requirements such as information protection management system (ISMS) certification and issuance of real-name accounts. Exchanges that did not obtain a real name verification account by September 24, when the grace period for the enforcement of the special money law expires, are expected to go through the procedure of closing in effect.
David, who announced the end of the service for the first time in relation to the Special Money Act, will end the KRW deposit service from 6pm on April 23rd, and will end trading in all markets from 6pm on April 28th. The withdrawal of KRW will end at 3pm on April 30th, and the end of deposit and withdrawal of cryptocurrency is scheduled at 12pm on May 31st.
David users must withdraw their assets (cryptocurrency, etc.) in Korean won or remittance to other trading sites within the deadline. If withdrawals are made after June 1st, a predetermined withdrawal fee will be charged according to manual withdrawal.
David said, “We plan to provide manual withdrawal for KRW and virtual assets that have not been withdrawn after the end of the service after the service is terminated. The DAY token, which used to be, will also be shut down with the end of the David service.”
Currently, there are only four cryptocurrency exchanges that have a real name verification account alliance with commercial banks: Upbit, Bithumb, Coinone, and Kobit. They have alliances with Shinhan Bank, NH Nonghyup Bank, and K Bank. In addition, it is reported that Gopax, Hanbitco, and Gdak are in discussions to issue real-name accounts.
Currently, it is estimated that there are about 100 domestic cryptocurrency exchanges, but it is predicted that most of the exchanges, except for less than 10, could not form partnerships with banks and may close their doors.
