Crypto.com has postponed its planned launch of an app in
South Korea due to scrutiny by regulators on the exchange’s anti-money laundering
practices. According to a local media publication Segye Ilbo, Korean financial
authorities have initiated an emergency on-site inspection on the crypto exchange.
The inspection, conducted by the Financial
Intelligence Unit (FIU) under the Financial Services Commission, followed the
discovery of anti-money laundering-related issues in the data submitted by
Crypto.com.
Crypto.com has emphasized its commitment to
maintaining proper anti-money laundering standards, according to a report by
Coindesk. The firm mentioned that it adheres to the “highest”
standards. However, it intends to postpone the launch of its app to
ensure that Korean regulators are fully apprised of its policies, procedures,
systems, and controls.
The exchange had announced plans to launch a domestic
mobile application facilitating coin trading on the 29th. According to the firm,
the service promises competitive pricing and support for various virtual asset
transactions. Crypto.com obtained approvals to operate in South
Korea in 2022. However, regulatory hurdles have proved challenging for
the crypto exchange.
Expect ongoing updates as this story evolves.
This article was written by Jared Kirui at www.financemagnates.com.
