South Korea’s financial regulator conducts “comprehensive inspection” on unlicensed crypto exchanges

03/10/2023 14:41 • Daily Digest • 166 views

On March 10, it was reported that the Financial Services Commission (FSC), the highest financial regulator in South Korea, had begun a “comprehensive inspection” of the country’s cryptocurrency exchange. The FSC is particularly concerned about the 20 trading platforms that do not have a Korean trading license. This is the “first time” that the FSC has conducted a “comprehensive inspection” of exchanges that do not operate the legal currency market. It is expected that this inspection will focus on the anti-money laundering agreement.

South Korea FSC launched a “comprehensive inspection” of domestic encrypted trading platforms

Analysis based on this information:

The Financial Services Commission (FSC) in South Korea has initiated a “comprehensive inspection” of the country’s cryptocurrency exchange on March 10, according to reports. The FSC, the highest financial regulator in the country, is particularly concerned about the 20 trading platforms that do not have a Korea trading license. This is the “first time” that the FSC has conducted such an inspection on exchanges that do not operate in the legal currency market.

The main focus of the inspection is expected to be on the anti-money laundering agreement, as cryptocurrency exchanges have been known for their vulnerability to fraud and money laundering activities. It is important to note that South Korea is known to be a hub for cryptocurrency trading, making it critical for the FSC to ensure that fraud and money laundering activities are kept in check.

The FSC’s move to regulate unlicensed crypto exchanges is a clear indication of their commitment to promote fair and transparent trading practices in the country’s cryptocurrency market. This move also sends a strong message to cryptocurrency exchanges, directing them to ensure compliance with legal regulations and obtain the necessary trading licenses.

The FSC has made it clear that non-compliance with legal regulations will not be tolerated, and those who fail to comply will face legal consequences. This is a significant development for the cryptocurrency industry as it signals a strong push towards a more regulated and secure cryptocurrency market.

In conclusion, the FSC’s “comprehensive inspection” on unlicensed cryptocurrency exchanges in South Korea demonstrates the government’s commitment to combat fraud and money laundering activities. The inspection sends a clear message to cryptocurrency exchanges to comply with legal regulations and obtain necessary trading licenses. The rise of regulation in the cryptocurrency industry will promote transparency and security in trading activities, fostering greater trust among stakeholders.

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