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.
【韩国 FSC 禁止虚拟资产服务提供商交易自己发行的代币】https://t.co/WEbRi0SN81
— 8BTCnews (@btcinchina) September 29, 2021
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).
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.
Alex Dovbnya
Denys Serhiichuk
Godfrey Benjamin