The Financial Services Commission (FSC) discovered fraudulent schemes in their work during the audit of trading floors.
11 cryptocurrency exchanges in South Korea will shut down after an audit by the Financial Services Commission (FSC), according to the Korea Herald .
According to the publication, fraudulent schemes have been identified in the trading platforms. At the moment, the list of exchanges that are subject to closure remains unknown.
Over the past three weeks, three South Korean crypto exchanges have already announced they will be shutting down. In particular, Darlbit completely stopped trading on 15 July.
A month before the closure of work, the exchange stopped accepting and withdrawing funds.
CPDAX warned customers to close on September 1st. Site users must withdraw their funds by August 31st. The suspension was also announced by the Bitsonic exchange. The site representatives explained this by updating the internal systems.
On July 26, it became known that South Korea will be able to confiscate cryptocurrency.
South Korean regulators have proposed amendments to the legislation in order to be able to confiscate cryptocurrency from citizens who evade taxes on transactions with digital assets.
This will affect citizens who earned more than 2.5 million won ($ 2 thousand) a year with the help of digital money. Income below this amount is not taxed. The new rules will come into force on October 1, 2021.
