South Korea puts cryptocurrency banks under close scrutiny

Seoul — South Korea. The financial regulator’s move is the latest step in the country’s bid to address concern that increasing use of assets like bitcoin could lead to a surge in crime.The joint inspection by the Financial Services Commission (FSC) and Financial Supervisory Service (FSS) will check whether the six banks, which offer virtual currency accounts to institutions, are adhering to rules to prevent money laundering, and using real names for accounts, FSC chairman Choi Jong-ku told a press conference.

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