South Korean crypto exchanges can now suspend transactions promptly without prior notice.
The new amendment to the Virtual Asset User Protection Act aims to confront hacking, money laundering, and fraud.
Upbit faces increased scrutiny over allegations of breaching Know-Your-Customer regulations.
Under a new amendment to South Korea’s Virtual Asset User Protection Act, crypto exchanges can now immediately suspend transactions for legitimate reasons. South Korean regulators introduced this new provision to combat hacking, money laundering, and fraud. This allows exchanges to act swiftly without notifying users beforehand, though they must do so afterward.
South Korea’s first crypto user protection act took effect on July 19, 2024. The Virtual Asset User Protection Act aligns with the country’s plan for industry expansion, ensuring customer security. In recent months, South Korea has implemented a series of rules to reduce increasing threats and unfair trading practices in the crypto industry.
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