The FSC will suspend the operations of at least 11 mid-sized crypto exchanges in South Korea due to alleged illegal activities and fraudulent collective accounts, local news agency The Korea Herald reported on Sunday. The publication quoted unnamed industry sources as saying that the names of the exchanges had not yet been made public.

The sources argued that the said crypto exchanges cannot receive approval for operation by the FSC. The report also notes that the authority plans to implement stricter regulations for smaller crypto exchanges in South Korea.

News of the alleged closures comes amid several smaller South Korean crypto exchanges recently suspending operations. Local crypto exchange Bitsonic announced on its official Telegram channel on Friday that it would temporarily suspend operations, citing “internal and external issues.”

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