According to Chosun, Financial Services Regulatory Commission (FSC) is “pressuring” the government to accept its plan to impose fines of up to $ 90,000 for violations, as well as correct business suspension orders and even revocation of operating licenses for violators, and they appear to have reported exchanges about your intentions.
The news outlet reported that the topic was on the agenda at an in-person closed-door summit of 20 leading crypto exchanges last week. The trading platforms were summoned before the regulator, along with a number of other government and regulatory agencies in the first meeting between exchanges and regulatory bodies.
FSC would need governmental and parliamentary approval for its new plans, but it is unlikely that it will face major obstacles in its efforts. Seoul has recently handed over the majority of control over the cryptocurrency sector to FSC. And except for a setback in the National Assembly , the plan is likely to become law later this summer, especially if combined with other measures, as is likely to be the case.
In recent years, a number of high-profile cases have come to light involving crypto exchanges and their staff seemingly manipulating figures for trading volume and altcoin prices, with prosecutors and police relatively powerless to intervene. operators, but some platform executives have been accused of ordering their staff to move tokens in wallets operated by employees on their exchanges to artificially inflate the numbers.
FSC stated that it expected the measure to stop insider trading and was intended to ensure that the required legal amendments were in effect by September 24, the deadline for all crypto exchanges to obtain operating permits from the regulator.
The new block will apply to direct transactions carried out on the platforms by executives and lower-ranking personnel, as well as to employees seeking to perform “intermediate functions”, presumably by hiring third parties to carry out transactions in their place.
Explica .co(2021.06.08) South Korea to prohibit exchange insiders from trading on their own platforms
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