Friday, May 20, 2022

South Korea To Restrict Crypto Exchanges Employees From Using Same Platform For Trading

The Korean Financial Service Commission (FSC) of South Korea has announced to charge those employees who caught trading on the same exchanges for which they work. 

Presently, there are no such laws that restrict any employees from doing so, however, in the future, they would have to be careful otherwise they might have to pay a fine of around $89,844.

On June 3, a meeting was held between the officials of the Korea Financial Intelligence Unit (FIU) and the executives of the country’s major crypto exchanges to discuss the updated regulations, said FSC. 

According to the updated Financial Transaction Report Act (FTRA) of South Korea, all the crypto exchanges in the country would have to register themselves with FIU by September 24. 

Notably, the exchange registration process would not be simple, before that, the platforms must meet all the conditions to get their registration approved. 

If any exchange in the country is not able to meet the conditions before the deadline, then the authorities would shut them down. FIU also mentioned that none of the employees or executives of the exchanges would be allowed to trade on the same platform, but if they are caught doing so, then their registration will be revoked.

Many popular crypto exchanges in the country already do not allow their employees to trade on their platform, however, there are some companies who would need to meet the FIU’s new regulation.

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