Share this article
South Korea to Fine Crypto Exchanges That Fail to Tackle Illicit Activity
Penalties will apply if trading venues fail to follow three regulations, the Financial Services Commission said.
Updated Sep 14, 2021, 12:24 p.m. Published Mar 10, 2021, 3:09 p.m.
South Korea’s Financial Services Commission (FSC) said Wednesday it will issue financial penalties to exchanges that fail to follow rules designed to curb illicit cryptocurrency activity.
STORY CONTINUES BELOW
- In an announcement, the regulator said it will fine exchanges that fail to follow three regulations covering internal controls, information and data retention, and identity verification of virtual asset traders.
- Exchange operators are must retain information and data connected to any suspicious transactions, including those made using large amounts of fiat currency, as first reported by Korea JoongAng Daily.
- Fines for breaches range from 30 million to 100 million won (roughly $26,000–$88,000).
- Penalties may be reduced by up to 50% under some circumstances such as erroneous breaches, the FSC said.
- South Korea is also planning to bring in a cryptocurrency tax of 20% if gains exceed 2.5 million won (US$2,200).
Read more: Bank of Korea Chief on CBDC: Better Right Than Fast
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Small Texas Lender Monet Joining Field of Crypto-Focused Banks
The bank is owned by billionaire Andy Beal, a major supporter of U.S. President Donald Trump's 2016 campaign.
Top Stories
