South Korean Regulators Investigating Local Banks for Cryptocurrency Operations

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South Korean regulators will be investigating local bank concerning their relationships with cryptocurrency exchanges. The investigation will be conducted according to anti-money laundering laws.  

According to a report from local South Korean journal Yonhap News, cryptocurrency exchanges’ corporate bank accounts will be examined by the Financial Intelligence Unit (KoFIU) and the Financial Supervisory Commission (FSC).

There were many rumors circulating saying that the South Korean government would ban cryptocurrencies at the beginning of 2018. Kim Dong-yeon, the South Korean Finance Minister, affirmed that South Korea had no intention to ban or suppress the digital currency market.

South Korean exchanges created their own regulatory body earlier this year in an attempt to make the government more flexible in their approach towards the crypto-related companies.

 

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