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South Korean Watchdog Demands Crypto Exchanges to Ban Staff from Trading Their Own Tokens

Wed, 09/29/2021 - 12:38
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Yuri Molchan
South Korean regulator demands that crypto exchanges begin preventing their staff from insider trading
South Korean Watchdog Demands Crypto Exchanges to Ban Staff from Trading Their Own Tokens
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According to a brief note shared by Chinese news outlet 8BTCnews, the South Korean regulator FSC (Financial Services Commission) has demanded that crypto exchanges and other providers of services related to digital assets to begin preventing their staff from trading their own coins.

The FSC requires that platforms set up internal mechanisms of control that prevent staff from insider trading. They must do it within one month from now. If this requirement is not met in one month, exchanges may be suspended from operating and face a fine of up to 100 million Korean won ($85,000).

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This demand by the regulator, according to the explanation provided, is based on rules regarding conflict of interest passed by the government on Sept. 28, on Tuesday. The goal is to save users from losing funds and to raise the transparency level.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at