South Korean regulators launch real-time monitoring of cryptocurrency fraud

ChainCatcher news, the Financial Supervisory Service of Korea announced today that it has collaborated with local exchanges to develop a 24-hour monitoring system to screen for any suspicious activities in the cryptocurrency market.

The new system will go live on July 19, the same day the first regulatory framework for cryptocurrency investor protection in Korea will take effect. The Financial Supervisory Service stated that from January to May this year, it has established a standardized reporting format for transaction data submitted by local trading platforms and has built a system to distinguish between irregular transactions and other transactions based on this.