{"id":77013,"date":"2024-04-23T11:56:50","date_gmt":"2024-04-23T15:56:50","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=77013"},"modified":"2024-04-23T11:56:53","modified_gmt":"2024-04-23T15:56:53","slug":"crypto-coms-launch-in-south-korea-faces-regulatory-delay","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-coms-launch-in-south-korea-faces-regulatory-delay\/","title":{"rendered":"Crypto.com\u2019s Launch in South Korea Faces Regulatory Delay"},"content":{"rendered":"\n

Crypto.com's South Korean launch will be delayed due to anomalies in the platform's money laundering data<\/a>, as regulators have identified.<\/p>\n\n\n\n

\"Crypto.com\u2019s
Crypto.com\u2019s Launch in South Korea Faces Regulatory Delay<\/figcaption><\/figure>\n\n\n\n

Crypto.com's data contained Anti-Money Laundering (AML) vulnerabilities, prompting South Korean authorities to conduct an “emergency on-site inspection” to oversee the cryptocurrency exchange's activities. A Financial Services Commission<\/a> (FSC) representative informed the local publication Segye Ilbo:<\/p>\n\n\n\n

\n

\u201cWe found concerns related to the prevention of money laundering activities in the submitted materials.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Six days before the exchange's scheduled launch in the region, on April 23, the Financial Intelligence Unit (FIU), which operates under the South Korean FSC, initiated an emergency on-site inspection.<\/p>\n\n\n\n

Before this, Crypto.com acquired a domestic virtual asset business license<\/a> (VASP) in South Korea by acquiring OKBit, a local cryptocurrency exchange.<\/p>\n\n\n\n

The organization subsequently verified that it would postpone the April 29th launch to collaborate with regulators on elucidating its established anti-money laundering protocols.<\/p>\n\n\n\n

\n

\u201cKorea is a difficult market for international exchanges to enter, but we are committed to working with regulators to advance the industry responsibly for Koreans.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

“We will delay our launch to ensure Korean regulators have a comprehensive understanding of our policies, procedures, systems, and controls,” stated the Crypto.com spokesperson.<\/p>\n\n\n\n

South Korean financial authorities also intend to prohibit listing digital assets involved in hacking incidents on domestic exchanges, pending a comprehensive determination of the underlying cause via implementing new guidelines.<\/p>\n\n\n\n

Before listing, the forthcoming regulations will also mandate that all foreign digital assets publish a white paper or technical manual for the South Korean market. Tokens listed on a licensed exchange for more than two years may not be required to comply with these new standards.<\/p>\n\n\n\n

Token issuers who neglect to disclose critical information sufficiently may face delisting from exchanges. The Financial Supervisory Service\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> has been developing listing guidelines with the assistance of stakeholders, including the Digital Asset Exchange Association, since the latter part of 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto.com’s South Korean launch will be delayed due to anomalies in the platform’s money laundering data, as regulators have identified. Crypto.com’s data contained Anti-Money Laundering (AML) vulnerabilities, prompting South Korean authorities to conduct an “emergency on-site inspection” to oversee the cryptocurrency exchange’s activities. A Financial Services Commission (FSC) representative informed the local publication Segye Ilbo: […]<\/p>\n","protected":false},"author":12,"featured_media":55427,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[1360,884,1712],"class_list":["post-77013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-crypto-com","tag-regulations","tag-south-korea"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/image-51.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/77013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=77013"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/77013\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/55427"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=77013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=77013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=77013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}