Korean Regulator to Shut Down 11 Cryptocurrency Exchanges Ahead of Regulatory...
South Korea’s top financial regulator will shut down 11 cryptocurrency exchanges allegedly engaged in fraudulent bank account schemes, local media reported. Meanwhile, the deadline for all crypto exchanges to comply with the country’s regulation is drawing near and most of them have not been able to meet the requirements. 11 Crypto Exchanges Could Be Shut Down South Korea’s top financial regulator, the Financial Services Commission (FSC), will reportedly shut down 11 cryptocurrency exchanges, The Korea Herald reported Monday, citing unnamed industry sources. The 11....
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The South Korean financial intelligence unit is taking action against 16 foreign cryptocurrency exchanges for operating illegally in the country. “For illegal business activities of unregistered entities, maximum of 5 years of imprisonment or up to KRW 50 million of fines can be imposed,” the regulator said.
16 Foreign Crypto Exchanges Flagged by South Korean Regulator
South Korea’s top financial regulator, the Financial Services Commission (FSC), announced Thursday that the country’s financial intelligence unit (KoFIU) has notified investigative....
Sources claim that several mid-sized crypto exchanges in South Korea will be unable to get approval from the FSC. South Korea’s top financial regulator, the Financial Services Commission, is reportedly planning to shut down a dozen local cryptocurrency exchanges amid fraud allegations.The FSC will suspend 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 Sunday. The publication cited anonymous industry sources claiming that the names of the exchanges were not....
The Financial Services Commission, the top financial regulator in South Korea, is supposedly staging a closedown for some cryptocurrency exchanges. This move is linked to allegations of fraud in these exchanges. The first move from the FSC is to temporarily stop the operations of about 11 average South Korean crypto exchanges. Reporting on Sunday, The Korea Herald, a local news agency, claimed that the FSC move is based on some unclear operations by these exchanges. Related Reading | Commercial Paper Reserves Of Tether Under Heavy Regulatory Scrutiny The report has it that these....
The chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), Eun Sung-soo, has warned that all of the cryptocurrency exchanges in the country could be shut down. South Korea currently has about 200 cryptocurrency exchanges, he said. All Crypto Exchanges Could Be Shut Down in South Korea At the general meeting of the National Assembly’s Political Affairs Committee last week, The Korea Times quoted Chairman Eun as saying: All of the nation’s 200 cryptocurrency exchanges could be shut down after September once a special financial law takes....
South Korean financial watchdogs are about to start overseeing crypto-related activities in the nation, and additional barriers for exchanges keep appearing. Moreover, one of the South Korean regulatory bodies codified the measures announced last year on privacy coin listings. No Major Domestic Exchanges Can List a Privacy-Centric Crypto-Asset According to Electronic Times, the Financial Services Commission’s Financial Intelligence Unit (FIU) confirmed that all privacy coins would be delisted from the domestic cryptocurrency exchanges. The watchdog argued that difficulties in....