South Korea’s FSC Could Join Other Regulators Stance towards Binance
The Financial Services Commission (FSC) from South Korea is planning to follow the same path as other regulators globally towards Binance, a major cryptocurrency exchange, by setting a deadline to register its business. According to The Korea Times, the crypto firm is required to register its business before September 24 – the deadline imposed by the South Korean government for the crypto-related companies to obtain licenses under the revised Act on Reporting and Using Specified Financial Transaction Information.
With the new rulings, the exchanges should comply with the certification by the Information Security Management System to guarantee its customers provide their real names for crypto transactions. Moreover, executives should pass a criminal background to comply with the law. The measure comes in the wake of the FSC’s intentions to extend the ruling on overseas crypto businesses that wish to deal with South Korean users.
How Customer Retention Can Transform Profitability & Brand PerceptionGo to article >>
Those who do not meet the criteria imposed by the domestic financial watchdog could face a permanent ban from doing business in the country. “Even if the exchanges are headquartered overseas, if they conduct business operations to target Korean users, they are obliged to report this to the FIU,” an official of the Financial Intelligence Unit (FIU) commented.
Will Binance Shut Down in South Korea?
“If Binance fails to meet the criteria in the Act on Reporting and Using Specified Financial Transaction Information by September of this year, then the financial authorities should take action to shut it down,” Noh Woong-rae, a lawmaker of the ruling Democratic Party of Korea, said on the matter. However, as of press time, there is no official information from both parties, Binance, and the watchdog, on whether the FSC is targeting specifically Binance, and if they do, it is because of suspicions of wrongdoings.
Last week, Thailand’s Securities and Exchange Commission (SEC) filed a criminal complaint against the cryptocurrency exchange, arguing the firm is illegally offering services in the country.
PrimeXM’s Monthly Trading Volume Skyrockets 16.45% YoY for June 2021
FX trading industry technology provider, PrimeXM, released its monthly trading volume report for June 2021,…
Crypto Derivatives Exchange Bybit Launches Spot Trading
Bybit, one of the largest crypto derivatives platforms in terms of trading volume, has expanded…
FXTRADING.com Adds the IRESS Platform to Their Product Line-up
FXTRADING.com is excited to announce that it has added IRESS ViewPoint to its trading platform…
Saxo Bank Reports Marginal Recovery in June FX Demand
Saxo Bank has released its monthly metrics for June, showing marginal monthly recovery in foreign…
MFSA Reminds Binance Is Not Authorized to Operate in Malta
The Malta Financial Services Authority (MFSA) has published on Thursday a reminder of a public…
24 Exchange Gains Crypto Trading License in Bermuda
24 Exchange, Dmitri Galinov's over-the-counter (OTC) platform, has secured a 'Class T' Digital Asset Business…