A study jointly conducted by the Financial Supervisory Service (FSS) and the Financial Intelligence Unit (FIU) of South Korea revealed that seven out of 10 cryptocurrency exchanges in South Korea failed to return investors' funds in full after they ceased operations. The FSS stressed that even if they did, only one or two employees were responsible for returning customers' funds, which caused great inconvenience to customers. The issue affected a considerable number of cryptocurrency investors, highlighting the lack of advance notice and understaffing in the repayment process.
With more than 6 million South Koreans trading cryptocurrencies, the regulator stressed the need to tighten regulations and strictly adhere to upcoming laws to protect investors in the cryptocurrency market.
South Korean Regulator: 70% of Crypto Exchanges Fail to Repay Debt to Customers After Closure
2024-06-08 02:14:17
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