Crypto exchange Hanbitco was fined $1.43 million by South Korea’s Financial Services Commission for violating trading rules

Odaily Planet Daily News The Financial Intelligence Unit (FIU) under the South Korean Financial Services Commission (FSC) reported that Hanbitco, the country’s cryptocurrency exchange, frequently experienced abnormal trading activities such as cross-trading. On October 13, the FIU fined Hanbitco 1.942 billion won (US$1.43 million) for "violation of the obligation to verify customers and restrict transactions" and "violation of the obligation to provide information when transferring virtual assets" and gave it an "institutional warning." ". The FIU said Hanbitco must establish and regularly check effective systems, such as regularly verifying the effectiveness of suspicious transaction extraction rules and adjusting thresholds for rules with low effectiveness. In addition, Hanbitco must establish a monitoring system to prevent abnormal trading activities such as customer cross-trading and improve regular inspection procedures. (Hankyung)