11 cryptocurrency exchanges will shut down in South Korea

The Korea Herald reports that 11 cryptocurrency exchanges in South Korea will be shut down during an inspection by the Financial Services Commission (FSC). According to the newspaper, these exchanges were found to have scam practices, the names of the exchanges were not disclosed.

Over the past three weeks, three exchanges based in Korea have closed. Darlbit, CPDAX and Bitsonic suspended their work and are planning to do so.

Also in May, the South Korean authorities approved a plan to levy a 20% tax on income from cryptocurrency trading by its citizens. This is​ a text from site cryptodefix.com. This will affect those citizens who earned more than $2,000 from cryptocurrency.