South Korea Investigated 40 Crypto Manipulation Cases in 2 Years
Financial Services Commission reveals 40 cases of digital asset manipulation in two years under new law.
South Korea's Financial Services Commission (FSC) has investigated 40 cases of cryptocurrency market manipulation over the past two years, according to FSC Chair Lee Eog-won. The figure was released on the second anniversary of the enactment of the Virtual Asset User Protection Act.
The Virtual Asset User Protection Act, which took effect in July 2021, aimed to safeguard crypto investors and curb unfair trading practices such as market manipulation, insider trading, and fraud. The act requires virtual asset service providers to register with authorities and maintain strict security and transparency standards.
The announcement underscores South Korea's ongoing efforts to regulate its vibrant crypto market, which has faced several high-profile scandals in recent years. The FSC continues to monitor and enforce compliance with the act to protect investors and ensure market integrity.