A joint analysis effort by Korean regulators — the Monetary Supervisory Service (FSS) and Korea Monetary Intelligence Unit (FIU) — has revealed that seven out of 10 cryptocurrency exchanges in South Korea failed to completely return traders’ cash after ceasing operations. “And even when they did, only one or two staff have been tasked with giving again the shoppers’ cash, inflicting excessive inconvenience for purchasers,” the FSS confused. This concern, affecting a major variety of crypto traders, highlights the dearth of advance discover and inadequate staffing in the course of the reimbursement course of. With over 6 million Koreans engaged in cryptocurrency buying and selling, the regulator has emphasised the necessity for enhanced laws and strict compliance with upcoming legal guidelines to guard traders within the crypto market.
