South Korea’s Financial Services Commission (FSC) is carrying out a thorough inspection of the country’s cryptocurrency exchanges. The investigation will target the 20 trading platforms that don’t have licenses to trade fiat Korean won. This marks the first time the FSC has carried out such checks on non-fiat exchanges, with the focus believed to be on anti-money laundering measures. South Korean law dictates that exchanges can offer crypto-to-crypto trading if they meet certain requirements. Exchanges also need partnerships with commercial banks to obtain fiat-trading licenses. Some insiders believe the FSC is starting its probe with GDAC, an exchange at the centre of last year’s controversial delisting of Wemix tokens.
