What we are seeing now is the effect of the new regulation being enforced in their country. I have recalled seeing this article last April threatening/reminding that almost all of their 200 crypto exchanges can be "shutdown" if they don't follow the new regulatory framework and their requirements.
South Korea’s Top Financial Regulator Suggests All Crypto Exchanges Could Be Shut Down
On April 19, the government’s policy office issued a statement that authorities will implement a “special enforcement period” from April to September to shut down any “illegitimate crypto businesses” and ensure that exchanges are abiding by the FTRA.
The most important qualification for VASP registration is an official partnership with a local commercial bank. Out of the some 200 exchanges to which Eun alluded, only the country’s four largest exchanges, known as the “Big 4,” have established such partnerships thus far. Many industry insiders already think the Big 4 will end up being the only exchanges to survive the regulatory tidal wave, but Eun’s comments have stirred up new worries.
So what we are seeing now was set in motion right after the new regulation has been announced and it's kinda weird to see why these exchanges are not acting anything about it since they are literally endangering the funds of their clients with the delay they are doing. It is obvious that new kinds of regulations and enforcement will happen as the crypto industry is new for everyone even on a crypto-friendly country such as South Korea.