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Phemex Suspends Korean Language Service

Author: Alan W.

As a Singapore-based cryptocurrency exchange, Phemex serves over 5 million users across 200 countries and was a relative late-comer to the South Korean market so is not yet a widely known exchange in the region. To better serve our Korean users, Phemex had active Korean language service for several months. However, regulators have recently been investigating whether cryptocurrency exchanges that are active in South Korea without business declaration may be in violation of the Specific Financial Information Act. In order to comply with domestic regulations to the greatest possible extent, Korean language service and the operation of official Korean communities on Phemex has been completely suspended as of August 17, 2022.

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