South Korea to Inspect Six Banks over Virtual Cryptocurrency Accounts

[kreslik.news]

Today (Monday), at a press conference in Seoul, South Korean regulatory authorities announced that they will start inspections of six major local banks that offer accounts to cryptocurrency exchanges.

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The Financial Intelligence Unit (FIU) and the Financial Supervisory Service (FSS) joined hands to carry out the inspection. The six lenders named by the authorities are Woori Bank, Kookmin Bank, Shinhan Bank, NongHyup Bank, Industrial Bank of Korea, and Korea Development Bank.

The authorities are taking this move to curb increasing speculative trading and also potential money laundering schemes going through ... (read more)