Market News

South Korea Cracks Down on Bitcoin Market Manipulation: New Investigations Announced

South Korea's Financial Supervisory Service (FSS) has initiated an investigation into suspected market manipulation in the Bitcoin arena.

This effort is aimed at mitigating high-risk activities such as major "whale" trades and the use of misinformation on social channels.

To bolster these efforts, the FSS plans to deploy artificial intelligence systems that can detect irregular price fluctuations.

Additionally, the regulator is advancing a comprehensive Digital Asset Framework essential for the structured regulation of the crypto market.

This framework will include a Digital Asset Basic Act, detailing licensing requirements for operators and issuers.

In an effort to enhance market fairness, the FSS will also ensure increased transparency regarding cryptocurrency exchange fees.

The new measures will target not only market integrity but also consumer protection against finance-related crimes like phishing.

Moreover, the FSS is set to increase on-site response teams to better tackle these issues.

Stricter IT risk oversight will be imposed on financial institutions, with substantial fines for non-compliance.

These proactive steps underline South Korea's commitment to safeguarding investors within its rapidly evolving cryptocurrency landscape.