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Photo = FSS |
[Alpha Biz= Paul Lee] The Financial Supervisory Service (FSS) has launched an on-site inspection of Coinone, the third-largest cryptocurrency exchange in South Korea.
According to financial industry sources on Wednesday, the FSS began the inspection on Coinone from today.
An FSS official clarified, stating, “This inspection is not triggered by any specific issue. It is part of a series of inspections following the implementation of the Virtual Asset Act. We will focus on checking compliance with the Virtual Asset Act, the implementation of self-regulation, and how the company handles IT system failures and other potential incidents.”
After completing the inspection of Coinone, the FSS is expected to begin an inspection of Upbit, the country’s largest cryptocurrency exchange.
In a conversation with reporters following a meeting with securities firm CEOs, FSS Governor Lee Bok-hyun stated, “We are currently inspecting one exchange, and as soon as that inspection is concluded, we are preparing to move forward with an inspection of Upbit.” He added, “The focus will be on issues related to IT system failures and investigating unusual trading patterns.”
The FSS has been conducting these inspections since September of last year, starting with Bithumb, and is continuing its inspections of virtual asset operators across the industry.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
