South Korea’s Financial Supervisory Service (FSS) announced on Tuesday that it is launching an investigation into major crypto exchanges in the country, including Upbit, to identify and address any illicit or unfair practices.
Start of the Investigation
South Korea’s Financial Supervisory Service (FSS) announced on Tuesday that it is launching an investigation into major crypto exchanges in the country. Upbit, one of the leading trading platforms, is included in the probe. The objective is to identify and address any illicit or unfair practices within these exchanges.
New Laws and Consequences
According to a report from Yonhap News Agency, this marks the first time the FSS has conducted such a probe since the new Virtual Asset Users Protection Act took effect in July. The new regulations introduce hefty fines and potential life imprisonment for those who profit more than 5 billion won ($3.7 million) from illicit crypto activities. The FSS has indicated it has already detected 'unusual cases' in two South Korean-won-based exchanges, prompting further investigation.
FSS Next Steps
The FSS aims to establish market order through thorough investigations and appropriate actions against violators. A representative noted, 'The FSS will establish market order through strict measures...'. The announcement of the investigation's outcome is expected soon and could significantly impact the future of crypto regulation in South Korea.
South Korea’s Financial Supervisory Service has launched a large-scale investigation into crypto exchanges to uncover and eliminate illicit transactions, potentially affecting the future regulation of the cryptocurrency market in the country.
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