The Korea Financial Intelligence Unit (FIU) publicly announced the tightening of scrutiny over crypto exchanges in the country.
South Korea's Financial Intelligence Unit (FIU) publicly announced the tightening of scrutiny over crypto exchanges in the country. As reported by the Korean Times on Feb. 12, the FIU will expel platforms deemed "unsuitable" from the local market starting this year.
The FIU also intends to expand the scope of screening procedures into the crypto market and prevent unfit exchanges from entering the national economy.
The regulator intends to introduce a preemptive trading suspension system for suspicious transactions on platforms already operating in South Korea, which will freeze transactions even during the pre-investigation phase. The Financial Action Task Force recommended this move, and 49 countries globally are contemplating it.
