Crypto exchange Crypto.com has delayed its launch in South Korea due to an audit by the Financial Services Commission (FSC). This was stated local media with reference to an agency representative.
The reason for the inspection was the documents provided by the company. In some of the data, the FSC's Financial Intelligence Unit (FIU) identified possible violations of anti-money laundering legislation.
The press claims that the regulator has already begun an inspection on site, at the company’s office. How much this will delay the launch of the exchange on the local market is unknown at the time of writing.
Crypto.com announced that it intends to postpone its plans. The statement, stated in an email to clients, is quoted by the publication Bloomberg:
Information that Crypto.com intends to enter the South Korean market appeared in early April 2024. To do this, the company bought out a local company called OK-BIT.
It was assumed that the new division of the international exchange will begin operations on April 29, 2024.
Source: Cryptocurrency
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