South Korea will conduct suspicious transaction inspections on cryptocurrency exchanges

South Korea's financial watchdog, the Financial Supervisory Service (FSS), will begin inspecting virtual asset exchanges for any suspicious or illegal transactions. According to local news media quoting the regulator, the FSS will impose severe penalties on illegal activities found during the inspection to maintain market order and, if necessary, advocate for amending regulations to address systemic deficiencies. During the inspection, the regulator will look for suspicious transactions and ensure compliance by cryptocurrency exchanges and related companies.