ChainCatcher news, the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) of South Korea has taken enforcement action against overseas cryptocurrency exchanges that provide services to Korean users without registration, based on the Act on Reporting and Using Specified Financial Transaction Information. It is reported that the FIU is considering blocking website access as a primary enforcement measure, targeting exchanges including BitMEX, KuCoin, CoinW, Bitunix, and KCEX.

ChainCatcher news, according to the Korea Economic TV, the Financial Intelligence Unit (FIU) under the Financial Services Commission of Korea held a "Anti-Money Laundering Trustee Meeting" to discuss regulatory plans against new types of money laundering methods such as virtual asset trading.The FIU will focus on cracking down on money laundering activities using virtual accounts and simple remittances, conducting special operations once a month to analyze suspicious transactions related to crimes such as voice phishing, pyramid schemes, and gambling targeting vulnerable groups. The Financial Supervisory Service stated that it will strengthen inspections of companies with insufficient implementation of anti-money laundering systems and promote cooperation between consumer protection departments and anti-money laundering departments.

ChainCatcher news, according to News1, the Digital Asset Exchange Association (DAXA) in South Korea will collaborate with the Financial Intelligence Unit (FIU) to accept reports regarding unreported virtual asset operators.The targets of the reports are domestic and foreign virtual asset operators who have not submitted reports in accordance with Article 7 of the Act on Reporting and Using Specified Financial Transaction Information (Special Act) and are conducting unreported business with Koreans. DAXA will conduct a preliminary review of the reports and will forward the results to the FIU. The FIU will respond to DAXA with its determination of whether the unreported crypto business falls under the category of crypto business and will inform the enterprise of the results.

ChainCatcher news, according to the Korea Economic Daily, the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) of South Korea reported that the South Korean cryptocurrency exchange Hanbitco has frequently exhibited abnormal trading activities such as wash trading. On October 13, the FIU imposed a fine of 1.942 billion won (approximately 1.43 million USD) on Hanbitco for "violating the obligations to verify customers and restrict transactions" and "violating the obligation to provide information when transferring virtual assets," and issued an "institutional warning."The FIU stated, "Hanbitco must establish and regularly review an effective system, such as periodically verifying the effectiveness of suspicious transaction withdrawal rules and adjusting the thresholds of rules with low effectiveness."

ChainCatcher message, Binance announced that the funding fee settlement frequency for the HIFIUSDT U-based perpetual contract will be adjusted on September 17, 2023, at 16:00. The funding fee settlement frequency will be changed from once every eight hours to once every four hours.

ChainCatcher news, according to South Korean media Herald, financial regulatory bodies such as the Financial Services Commission and the Financial Intelligence Unit (FIU) have proposed to include the content of "tokens being directly approved by regulatory agencies for listing on domestic crypto exchanges" in the basic virtual asset law.It is reported that the proposers believe that companies need to obtain approval from the Financial Commission under the Capital Markets Act when listing securities, so delegating the token listing of domestic exchanges to self-listing is too risky. However, there are also differing opinions within the organization, both in favor and against, so whether it can be realized remains to be seen. (Source link)