đšđ°đ· South Korea Cracks Down on Crypto Exchanges: Fee Hikes Under Fiređ°
đ»The Financial Supervisory Service (FSS) of South Korea has launched an investigation into major cryptocurrency exchanges in the country, citing concerns over excessive deposit fee hikes. The probe comes after the implementation of new regulations aimed at tightening oversight of the crypto industry.
đ»The FSS has called an urgent meeting with top exchanges, including Upbit, Bithumb, and Korbit, to address the issue and ensure compliance with the new rules. The regulator is seeking explanations for the sudden increase in deposit fees, which have risen by up to 50% in some cases.
đ»The new regulations, which came into effect on June 30, require exchanges to implement stricter anti-money laundering (AML) and know-your-customer (KYC) measures. However, the FSS has expressed concerns that the fee hikes may be an attempt to pass on the costs of compliance to customers.
đ»The investigation is part of a broader effort by the South Korean government to regulate the crypto industry and protect investors. The FSS has warned exchanges that failure to comply with the new regulations may result in penalties or even license revocation.
đ»The probe has sent a ripple effect through the crypto market, with many exchanges scrambling to review their fee structures and ensure compliance with the new rules. The outcome of the investigation is likely to have significant implications for the future of cryptocurrency trading in South Korea.
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