Korean Exchanges are considering suing the government

Korean Exchanges are considering suing the government over adverse regulations as we can see more in our latest crypto news.

Smaller Korean exchanges are considering suing the government over adverse regulations as they require exchanges to have real name accounts with local banks by September, which could put many smaller exchanges out of business. They plan to fight back by suing the government. The South Korean government plans to introduce a new rule for cryptocurrency trading venues and penalize companies if they fail to comply with the AML rules.

After several giants like Binance and OKEx pulled out of the country, other exchanges have raised concerns. According to reports, they intend to take legal action against the government, and stock exchange officials may sue the Korean government, arguing that the authorities have failed to make fair arrangements. The report claims that local banks are reluctant to do business with exchanges, but there are a few exceptions such as Coinone, Bithumb, Upbit, and Korbit. Smaller exchanges believe they have been discriminated against for the following reasons:

“Today banks are refusing to initiate their crypto exchange verification process for no apparent reason, and most exchanges have no chance to prove themselves. The Financial Services Commission must intervene immediately. “

Another previous report reiterated the belief that bank accounts could be denied to some exchanges if they offer “too much” funds to their customers.

As recently reported, officials in South Korea’s Gyeonggi Province seized $ 47 million in crypto from tax evaders and now domestic exchanges are starting to remove crypto before new regulations come into effect. South Korean authorities seized $ 47 million worth of cryptocurrencies after carrying out one of the largest tax collections in the country. The lengthy investigation resulted in the seizure of $ 47 million in ETH, BTC, and other cryptocurrencies by Fiscal Time, with officials calling the event the largest crypto seizure to date. The law introduces new requirements for the identification of users as well as the clarity with which content can be listed.

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