South Korea is exploring crypto exchanges listing local tokens. Initial investigations revealed that all Bitcoin exchanges are conducting legal operations across South Korea. However, Flata Exchange is suspected to have listed its in-house token FLAT in January 2020. Meanwhile, the collapse of FTX hit South Korea the most as a country. Keep reading us for details…
Korean Financial Intelligence Unit investigates Bitcoin exchanges
Local cryptocurrencies were the biggest factor contributing to the demise of numerous exchanges and ecosystems this year during the most recent FTX crash. Therefore, Korea’s financial authority, the Korean Financial Intelligence Unit (KoFIU), has launched an investigation into Bitcoin exchanges for listing their in-house, self-issued tokens. In the investigation he conducted in this context, he realized the same thing.
cryptocoin.comAs you follow, FTX and its 130 subsidiaries have recently filed for bankruptcy. The price drop of the in-house token FTX Token (FTT) was effective in the collapse of the said crypto exchange. According to a local report, Korea has banned crypto exchanges from issuing local tokens. KoFIU’s investigation in this direction aims to ensure that legal regulations are complied with for the safety of the investor.
Major cryptocurrency exchanges come out clean, focus on small
Initial investigations revealed that all crypto exchanges are conducting legal operations across South Korea. However, a Financial Services Commission (FSC) spokesperson said there are some doubts about their in-house token listing. For this, he announced plans to further deepen the investigation.
Flata Exchange is one of the leading suspects. According to South Korean local media Yonhap, he is being investigated for listing the in-house token FLAT in January 2020. Major exchanges such as Upbit and Bithumb were cleared by the authorities. From now on, smaller exchanges will be the focus of investigations.
South Korea hit hardest by FTX crash
CoinGecko analysis revealed that on average, 297,229 South Korean users visit FTX.com on a monthly basis. That’s why South Korea tops the list of countries most affected by the collapse of FTX. Although it is not in the top three, Turkey is also at the forefront in terms of being affected.
Meanwhile, South Korean authorities froze approximately $104.4 million (140 billion won) of FTX co-founder Shin Hyun-Seong on suspicion of profiting from unfair LUNA sales. The Seoul Southern District Court upheld the freeze of Shin’s assets pending further investigations.
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