The Financial Supervisory Service of South Korea will inspect six virtual asset service providers, including Upbit

ChainCatcher news, the Financial Supervisory Service (FSS) of South Korea announced that it will conduct its first inspection of virtual asset service providers, marking the first action since the implementation of the "Virtual Asset User Protection Act" in July. The FSS plans to inspect 6 institutions, including 2 won market exchanges, 3 token market exchanges, and 1 wallet/custody service provider. Notably, 2 of the major won market exchanges, such as Upbit, Bithumb, Coinone, Gopax, and Korbit, will be selected for inspection.

The inspection will focus on compliance with regulations, user protection systems, internal control mechanisms, and monitoring of unfair trading. The FSS will review aspects such as user asset management, cold wallet usage, insurance and reserve status, maintenance of transaction records, and monitoring systems for abnormal trading. For violations, the FSS stated that it will impose strict sanctions to maintain market order while supporting businesses in strengthening self-regulatory oversight.