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​S Korean Regulator Launches Crypto Trading Platform Probe | Crypto Mountains

S Korean Regulator Launches Crypto Trading Platform Probe

South Korea’s top financial regulator, the Financial Services Commission (FSC), has begun a “comprehensive inspection” of the nation’s crypto exchanges.

Per Decenter, Financial Services Commission (FSC) specifically wants to probe the 20 trading platforms that do not have licenses to trade fiat KRW. The media outlet noted that this is “the first time” the FSC has conducted a “comprehensive inspection” of exchanges that do not operate in the fiat markets.

The outlet said it expected that the inspection will focus on anti-money laundering protocols.

Under South Korean law, exchanges can offer crypto-to-crypto trading services, provided they meet certain criteria. To obtain fiat-trading licenses, however, they must form partnerships with commercial banks.

These banks must provide all exchange users with real name-, social security number-verified accounts linked to their crypto wallets.