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S. Korea Bans Virtual Asset Services Staff From Trading Their Platform’s Tokens
Just days after the registration deadline for VASPs, South Korea announced another regulatory requirement.
Updated May 11, 2023, 5:19 p.m. Published Sep 29, 2021, 7:35 a.m.
South Korea banned virtual asset services providers (VASPs) and their staff from trading tokens they issue, the country’s Financial Services Comission (FSC) said in a Wednesday statement.
- Crypto services providers must set up internal processes for the conflict of interest rules within a month. Those that don’t will be facing suspension of business and up to KRW 100 million (US$85,000) in penalties.
- VASPs that serve South Korean customers had to register with the FSC’s anti-money laundering arm by this past Friday. Most crypto exchanges did not make that deadline and suspended operations. Only four managed to fulfill all the criteria so they can offer trading in Korean won.
- The conflict of interest rule was passed at a cabinet meeting on Tuesday, and seeks to prevent damage to users as well as increase transparency in the industry, the FSC said.
Read more: Hours Before South Korean Registration Deadline, Only 10 Exchanges Have Applied
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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.
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