Bybit, 1 of the world's tiptop cryptocurrency derivatives exchanges, volition halt some of its services to South Korean users ahead of a licensing deadline.

The substitution officially announced on Friday that information technology will discontinue Korean linguistic communication support from its platforms equally well as its official Southward Korean community on social media. The suspensions will take effect starting on Monday.

"Korean traders may notwithstanding use Bybit products and services. These products and services just won't be offered in the Korean language any more," a spokesperson for Bybit told Cointelegraph.

Bybit will remove the functions ahead of a Sept. 24 borderline for cryptocurrency businesses to submit requests for an official operating license. "Nosotros had conversations with Korean regulators on that. We were told that licenses would only exist given to local entities, and our setup precluded that," a Bybit representative noted.

The new Anti-Money Laundering requirements are mandatory for local exchanges and foreign exchanges operating in the country that offer Korean language back up or won-denominated trading pairs.

This has led some major foreign exchanges to stop offering services in the country rather than fall in line with the stringent new requirements of providing real-proper name accounts through a local bank. Concluding month, Binance halted won trading pairs and removed Korean language back up from its site.

Today, Bybit said that it "accepts its responsibility every bit an exchange and an industry leader in actively cooperating with regulations implemented by various jurisdictions to promote financial inclusion and develop the overall crypto manufacture." According to a spokesperson from Bybit, the majority of the commutation's trading is coming from Europe, with European accounts making up more 50% of trading volumes.

Related: South Korean lawmaker: Delaying tax laws on crypto is 'inevitable'

According to the South Korean Fiscal Services Commission, crypto platforms that failed to request a license should notify their customers of an expected closing date and procedures to withdraw money "past at to the lowest degree vii days before the closure," reportedly no later than Friday, Sept. 17. According to Reuters, more than than 60 crypto exchanges in Republic of korea must notify customers of a partial or full suspension of trading by Friday at midnight.