Crypto.com Postpones South Korea Launch After Reports of Money Laundering Probe

says it’s postponing a planned app launch in South Korea after reports of an on-site inspection of the exchange’s activities by local regulators.Crypto.comThe report said that South Korea’s Financial Intelligence Unit under the Financial Services Commission had discovered “problems related to anti-money laundering data” submitted by the exchange and began an on-site inspection from that day.maintains the highest Anti-money Laundering standards in the industry.

“Korea is a difficult market for international exchanges to enter, but we are committed to working with regulators to advance the industry responsibly for Koreans.has not onboarded any new customers in Korea since acquiring OkBit,” a spokesperson for the exchange said in the statement., and OkBit has never been cited for any AML infractions. Since the acquisition, existing OkBit customer access has been limited to withdrawals.

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