Financial Authority Requests Investigation into Bitmobik DEX ‘MobicMania’

IconCryptoNewsTerminal Staff09 Jul, 2024

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Financial Authority Requests Investigation into Bitmobik DEX ‘MobicMania’

The Financial Services Commission (FSC) of South Korea has requested the police to investigate MobicMania, a decentralized exchange (DEX) that listed the cryptocurrency ‘Bitmobik’. MobicMania is accused of violating the law by operating in South Korea without completing the necessary procedures for crypto asset business operators. Bitmobik investors had previously filed a complaint with the FSC, alleging that MobicMania may have violated the Special Financial Transactions Act. The FSC has since requested the police to investigate the matter. The operator of MobicMania, BitweenBits, claims that it provided the service after sufficient review and judged that it was legal. The investigation by the police is expected to focus on whether MobicMania violated any laws related to cryptocurrency exchanges and whether the exchange engaged in unfair or fraudulent practices. The outcome of the investigation could have implications for the future of cryptocurrency exchanges in South Korea.

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