Korea to close 11 crypto platforms, and digital currency industry analyst Jack Sparrow is confident that BTC will grow

Korea to close 11 digital currency platforms

The South Korean regulator intends to suspend the activities of about 11 local cryptocurrency exchanges, sources say. The reason is illegal work and probable fraud.

The regulator intends to introduce stricter standards for small crypto platforms in South Korea. At the same time, two local sites — Darlbit and Bitsonic — have already stopped working.

Previously, the FSC decided that some platforms related to digital currencies will not be able to obtain a work permit. Now crypto projects need to register before the beginning of this autumn. Also, such companies will have to deal with reporting and keep accounts in the real names of clients.

Expert: Bitcoin growth should be expected

A well-known cryptanalyst with the nickname Jack Sparrow is confident that the first crypto-coin is again on the verge of growth. In his analysis, the expert relies on the financial periods of 2013 and 2017.

“Given the previous Bitcoin market cycles, we have not yet reached the top in the current cycle. The chart shows that the fifth wave always originated on the green arrows, and now the market is in just such a situation,” the analyst said.

Bitcoin is currently in the red, according to data from Coinmarketcap. The cost of the crypto coin is $40,799.