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As crackdown looms, South Korea's defiant crypto fans dig in
Fox Business Flash top headlines for July 12, 2021
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SEOUL, July 13 – Yun Hae-ri, a 26-year-old South Korean cryptocurrency investor, has seen the value of a coin named Metadium nearly wiped out since she bought it in April.
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Like many South Korean retail investors, Yun has thousands of won in smaller cryptocurrencies, seen as alternatives to bitcoin, which have plummeted in value as regulators crack down on the sector.
By Sept. 24, South Korea's numerous cryptocurrency exchanges will need to disclose risk management and partner with banks to ensure trading accounts are held by real people.
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The rules, analysts say, could result in exchanges delisting hundreds of such "altcoins" as they vie for tie-ups with banks.
"I have to admit that I did not look at the operator's financial statement, but mostly invested based on the coin's popularity and appearance on media and friends' recommendation," said Yun, who trades Metadium on Upbit, the country's largest crypto exchange. She now worries Metadium could be delisted ahead of the September deadline.