The management of Crypto.com expressed their determination to work with government agencies and ensure that regulators understand their policies and procedures, acknowledging the challenging nature of the South Korean market for international exchanges.
“We need to make sure that regulators understand our policies and procedures. The Republic of Korea is a difficult market for international exchanges, but we are ready to cooperate with government agencies,” said the management of Crypto.com.
Recently, South Korea’s Financial Intelligence Unit (FIU) conducted an “urgent inspection” of Crypto.com’s local office, suspecting the exchange of involvement in money laundering. As a result, Crypto.com has not yet announced a new launch date for the service. In addition, OK-BIT, which had 900 clients at the time of acquisition, ceased operations on April 19, limiting services to withdrawals only.
In March, Crypto.com faced a $3.1 million fine from the Dutch Central Bank (DNB) for violating anti-money laundering laws.