Postponement of Crypto.com launch in South Korea
Date: 2024-04-24 Author: Gabriel Deangelo Categories: BUSINESS
Crypto exchange Crypto.com is delaying its launch in the South Korean market due to an investigation by the Financial Services Commission (FSC) over suspected violations of anti-money laundering laws. The company's office was subject to a Financial Intelligence Unit (FIU) audit as part of this investigation.
Time uncertainty
Local media reported that the FIU had discovered possible irregularities, leading to an unexpected delay in the exchange's plans for the local market. It is unknown how long this delay will continue.
Responsibility to regulators
Crypto.com has expressed its willingness to work with regulators and has expressed a desire to ensure that they understand their policies and procedures. They delayed the launch to carefully consider this issue.
Future prospects
Crypto.com's plans to enter the South Korean market did not begin until early April 2024. The new unit was expected to begin operations at the end of April, but plans have been delayed due to the review.
