’s South Korea launch hits a snag over AML probe

According to the report, South Korea’s Financial Intelligence Unit (FIU), which operates under the Financial Services Commission, found issues with the anti-money laundering data submitted by the exchange. This prompted the FIU to start an on-site inspection immediately.

“ maintains the highest Anti-money Laundering (AML) standards in the industry. We will postpone our launch and take this opportunity to make sure Korean regulators understand our thorough policies, procedures, systems and controls, which have been reviewed and approved by major jurisdictions around the world,” the exchange said in a statement.

Earlier last week, refuted reports from South Korean media that suggested a regulatory hurdle might delay its expansion in South Korea.

Reports from local news source Bizwatch claim that the Financial Intelligence Unit (FIU) of South Korea was holding up approval for a key leadership change at’s local branch, which could impact the debut of a new trading platform., which planned to launch its trading services in South Korea on April 29, acquired the locally licensed crypto exchange OK-BIT in 2022. The launch is intended to replace OK-BIT as it winds down operations. According to Bizwatch, the FIU has not yet approved the transition of executive leadership from co-founder Rafael Melo to President and COO Eric Anziani.

A spokesperson from clarified that the leadership changes were part of routine procedures and would not impact the scheduled launch of their app in South Korea. “We are working to update some of our directors of our local entity, as a procedural formality, and this has no impact on our ability to launch our app in South Korea on April 29th,” the spokesperson stated.

See also  New Meme Coin Koala Coin (KLC) Goes Viral Winning Support from Shiba Inu (SHIB) and Bonk (BONK) Fans

Foris DAX Korea Limited, the entity behind’s operations in South Korea, underwent internal leadership changes on January 25. Crypto companies are required by the FIU to report such changes within 30 days, suggesting that likely filed the necessary documentation in February.

Furthermore, the operating license acquired through the purchase of OK-BIT is set to expire in November, and thus will require renewal. Additionally, as OK-BIT was not qualified to launch a fiat-to-crypto platform, will need to meet more stringent compliance requirements to fully operationalize in the country.

The post’s South Korea launch hits a snag over AML probe appeared first on FinanceFeeds.

Leave a Reply

Your email address will not be published. Required fields are marked *