LIVESouth Korea’s Ministry of Justice has launched a special task force to combat the increasing prevalence of crypto crimes, signaling a major crackdown on fraud and market manipulation.
South Korea is intensifying efforts to clamp down on market manipulation and fraud in the cryptocurrency industry by establishing a special task force in collaboration with local regulatory bodies. According to a regulatory document, the task force under the Ministry of Justice targets plans to target cases of price manipulation, unregistered crypto exchanges, and deposit fraud, which have increasingly affected citizens.
The document reveals that illicit activity involving crypto in South Korea has already surpassed $1.6 billion this year. The task force aims to dismantle schemes promising high returns on crypto investments. In addition, the Ministry is preparing to enforce the Virtual Asset User Protection Act, set to be implemented in July, to ensure the protection of assets held by crypto users.