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31 July 2021

South Korean Regulators Warn Dozens of Foreign Exchanges to Comply With New Rules – Regulation Bitcoin News

South Korean Regulators Warn Dozens of Foreign Exchanges to Comply With New Rules – Regulation Bitcoin News


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South Korean Regulators Warn Dozens of Foreign Exchanges to Comply With New Rules – Regulation Bitcoin News.

Overseas crypto exchanges marketing to Koreans will be blocked if they fail to comply with new South Korean regulations.

Access to foreign-based cryptocurrency exchanges can be denied and the platforms may face criminal investigations in South Korea if they don’t comply with the country’s new regulations for the sector.

Requests to be relieved of liability for offenses committed through the crypto exchanges they work with was reportedly rejected by Korean regulators earlier this month.

“If overseas cryptocurrency exchanges serve local customers with the won-currency settlement, they must register with the FIU and comply with the government’s guidelines to prevent money laundering,” FSC Chairman Eun Sung-soo told lawmakers last week.

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