Last month the south Korean financial services commission said it would ban the issuing of new trading accounts on the currency exchange. In a statement, the committee said that if a new account was opened, the government would have the right to take action, either stop trading or close the exchange.


The commission added that since most of the encrypted currency transactions were anonymous, users had to use their real names.


The south Korean government also said it would monitor Banks closely and would act "quickly" to restrict the flow of money into encrypted currencies if necessary.

The south Korean government has issued a warning that it would include shutting down all options, including the closing of a cryptocurrency exchange, in an effort to curb the use of cryptocurrency speculation, which has sent the currency tumbling.