South Korea Cracks Down on 40 Crypto Manipulation Cases Since the 2024 Law
(*40*)South Korea’s monetary authorities have investigated 40 crypto market manipulation circumstances since the nation’s user-protection regulation took impact in 2024, referring greater than 30 to investigative companies.
The Financial Services Commission’s Chairman shared the figures to mark the regulation’s second anniversary. The circumstances uncovered 25 suspects throughout two years of enforcement.
Korea’s Virtual Asset User Protection Act Marks 2 Years of Enforcement
South Korea handed the Virtual Asset User Protection Act on July 19, 2024. The measure gave regulators dedicated tools to punish abuse in the crypto market.
The Financial Services Commission then constructed a specialised investigation unit. It later added digital forensics and refined the operation of the penalty surcharge system.
That buildout produced roughly 40 accomplished investigations. Regulators additionally referred greater than 30 confirmed circumstances to investigative agencies for prosecution.
“Financial authorities plan to maintain strengthening efforts to stamp out unfair buying and selling in the digital asset market, together with utilizing AI to enhance the effectivity of market surveillance and investigations,” the notice learn.
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Average illicit features reached about 1.4 billion received per case. Meanwhile, eight circumstances ranged from 500 million to five billion received, and one exceeded 5 billion received.
Regulators additionally imposed penalties of 125% to 165% of illicit features in two circumstances. The authorities framed the outcomes as a base for rebuilding market belief.
However, regulators signaled the work is way from completed. They plan to introduce account and bank-account cost suspension powers to dam hidden proceeds.
A reporting and reward system for unfair buying and selling can be underneath evaluation for the second-phase laws. Authorities intend to broaden AI-based market surveillance alongside these measures.
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