AnalysisCryptocurrency news

South Korea to Penetrate Exchanges That Do Not Prevent Money Laundering

South Korea to Penetrate Exchanges That Do Not Prevent Money Laundering

South Korea took action to impose sanctions on cryptocurrency exchanges that do not prevent money laundering. The country’s financial regulator will impose various penalties on cryptocurrency companies that do not sufficiently fight money laundering.The country’s Financial Services Commission (FSC) announced that from April 20, 2021, cryptocurrency companies that do not sufficiently fight money laundering will face fines. Cryptocurrency companies can pay substantial penalties if they do not report suspicious transactions and keep records of these customers. The penalty will differ depending on the size of the companies.

Bithumb Exchange

Bithumb, one of the largest cryptocurrency exchanges in the country, announced that it is restricting cryptocurrency accounts in countries that do not comply with money laundering measures. Bithumb seems to have received news of this regulation beforehand.The Financial Action Task Force (FATF) has identified 21 countries that do not comply with money laundering measures, including South Korea’s neighbor, North Korea.

South Korea will not be the first country to try to prevent money laundering. FATF called on member states, including South Korea, to be more careful about money laundering. Even if this call is not legally binding, countries that do not heed the recommendations may be blacklisted by the FATF.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal. Blockchain is love.

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