More than 40 cryptocurrency exchanges in South Korea will have to notify their customers on Friday that they will partially or completely cease their transactions from September 24, based on a new regulation in place in the country.

To continue operating, exchanges must register with the South Korean Financial Intelligence Unit by September Twenty-Four, providing a security certificate from the relevant internet security agency. 

Cryptocurrency Exchanges will also need to work with banks to ensure that the payments they receive are lawful and their customers are real people.

Those who do not register with the country’s Financial Intelligence Unit will have to terminate their services after 24 September, while those who have not secured partnerships with banks will not be able to negotiate in the national currency (won).

Nearly 40 cryptocurrency exchanges with trading bots are set to suspend all their services, while another 28 that have not secured partnerships with banks will limit them, Bitnewsbot reported.

Despite this move, which shows that global regulators are tightening the grip of cryptocurrency surveillance, Bitcoin is currently trading at $61,883, with signs showing that the cryptocurrency market will reach all-time highs in the coming months.