S. Korean regulator will expel ‘unfit’ crypto exchanges from the market starting this year.

South Korea’s Financial Intelligence Unit (FIU) has publicly announced the tightening of scrutiny over crypto exchanges in the country and expel platforms deemed “unsuitable” from the local market starting in 2024. 

According to a Feb. 12 report in The Korea Times, the FIU also intends to expand the scope of screening procedures in the crypto market and prevent unfit exchanges from entering the national economy.

The regulator intends to introduce a preemptive trading suspension system for suspicious transactions on platforms already operating in South Korea, which will freeze transactions even during the pre-investigation phase. The Financial Action Task Force recommended the move, and 49 countries globally are also considering it.

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