South Korea to ban cryptocurrency exchanges from handling assets issued by themselves
Updated: 2021-06-17 13:27:00 KST
The so-called "coin cleanup" is continuing on South Korea's cryptocurrency exchanges as regulators tighten the rules.
To protect investors from fraudulent activities, including money laundering, the Financial Services Commission is prohibiting exchanges handling digital assets issued by themselves or by persons related to them, including spouses and even distant relatives.
The revision takes effect from June 26th.
Violatiors could face fines of up to 100 million won, or about 88 thousand U.S. dollars, or face a business suspension.