Crypto.com previously obtained a domestic virtual asset business license (VASP) in South Korea after acquiring local crypto exchange OKBit.
Singapore-based crypto exchange Crypto.com decided to postpone its South Korea launch after regulators pointed out money laundering anomalies in the platform’s data.
South Korean authorities found Anti-Money Laundering (AML)-related problems in the data submitted by Crypto.com and launched an “emergency on-site inspection” to monitor the crypto exchange’s activities. An official representing the Financial Services Commission (FSC) told local media Segye Ilbo:
The Financial Intelligence Unit (FIU), which operates under the South Korean FSC, launched an emergency on-site inspection on April 23, just six days before the exchange’s planned launch in the region.
