Reported to 29 exchanges… The KRW market operates only on the four major exchanges.
As domestic virtual asset exchanges completed reporting to the government, they were incorporated into the institutional system, while exchanges that had been in the blind spot of the law were in the process of going out of business. The financial authorities are planning to strengthen the monitoring system and look at industry trends.
According to the Financial Intelligence Unit (FIU) under the Financial Services Commission on the 26th, a total of 42 companies, including 29 virtual asset exchanges and 13 other businesses such as wallet and storage management companies, completed their reports by the 24th.
Four exchanges have reported that they can operate the KRW market by securing a real-name bank account: △Upbit △Bithumb △Coinone △Korbit. The FIU accepted the report of Upbit, who submitted documents first.
The remaining 25 exchanges were reported as coin market operators that only support cross-currency transactions. These exchanges can resume the operation of the KRW market after obtaining a real-name bank account and reporting a change in the future after going through a review by the financial authorities.
On the other hand, the FIU, together with the investigative agency, will crack down on unreported business practices while reviewing virtual asset operators who have completed the report.
We plan to mainly look into whether an exchange that has been reported as an operator of a coin market that only supports transactions between virtual currencies operates a KRW market that supports KRW transactions without a change notification, or if an exchange that has not been reported in the first place operates virtual asset-related business. am.
A business operator caught doing business without reporting may be punished by a fine of not more than 50 million won or imprisonment for not more than 5 years.
As of this day, 37 exchanges have closed their doors for failing to report. Cryptocurrency trading volume on these exchanges has steadily decreased, recording less than 0.1% of the total domestic trading volume recently. However, the financial authorities have formed a dedicated organization and are monitoring the concerns that undeclared exchanges may be misused without returning users’ money in the process of closure.
hong93@shinailbo.co.kr
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