South Korean exchanges fail crypto audits

It failed in its regulatory oversight of South Korean trading platforms and was a major blow to South Korean crypto exchanges.

It failed in its regulatory oversight of South Korean trading platforms and was a major blow to South Korean crypto exchanges.
Even large exchanges, which won't be good for the industry until new regulations come into play, will fail to monitor.
In June, the regulatory Financial Services Commission teamed up with the state department and the state-owned IT firm to conduct the investigation of corporate accounts and coin management and investor of exchanges.
In July, the audit revealed that several exchanges used fraudulent or fraudulent banking transactions.
The fraudulent banking crimes were mostly smaller trading platforms and users expected Upbit and its partners to pass successfully.
According to the audits, it was found that there were insufficient personnel assigned to AML and insufficient risk management system resources.
The FSC also reported that exchanges are confusing the management of client deposits and crypto-assets.