South Korea Bitcoin Exchange Will Take Action Against Binance!

world’s largest cryptocurrency stock market Binance has been facing regulatory action by countries lately.

US regulatory agency SECAfter the action, South Korean financial regulators also took action on Binance.

According to local media outlet Chosun Ilbo, Binance South Korea He said that his entry into the crypto market has raised concerns among financial authorities in the country.

Because Binance is the fifth largest cryptocurrency exchange in South Korea on February 3 to re-enter the South Korean market after a two-year hiatus. GOPAXHe bought the majority of the shares.

Noting that Binance’s re-entry to South Korea could lead to an increase in financial crime, senior officials said there is a high risk of financial crime such as illegal money laundering and large-scale harm to investors.

“If Binance runs an exchange business in South Korea, it will be difficult to properly regulate it.

There is a possibility that the national wealth will go out through the distribution of several unconfirmed overseas coins.”

In response to these concerns, the South Korean regulator is considering mandating Binance to reapply for a virtual asset service provider (VASP) license in the country.

GOPAX’s VASP license will also be reviewed in the face of the licensing requirement that is planned to be brought to Binance.