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South Korean crypto exchanges face on-site inspections as new law takes effect

( August 23, 2024, 05:40 GMT | Official Statement) -- MLex Summary: Major South Korean cryptocurrency exchanges, including Upbit and Bithumb, recently underwent on-site inspections by financial regulators to examine their compliance with new regulations on monitoring abnormal transactions. The Financial Services Commission and the Financial Supervisory Service said in a joint statement that they checked if exchanges were properly operating surveillance teams, running analysis systems for abnormal trades and taking appropriate measures against detected irregular activities, as mandated by the Virtual Asset User Protection Act. The regulators said exchanges need to go beyond mere compliance and take proactive measures to maintain market integrity, particularly regarding newly listed assets and promotional events. To enhance market surveillance, they plan to establish a hotline with the five major won-based exchanges and the Digital Asset Exchange Alliance.The statement, in Korean, is attached....

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