Financial Supervisory Service Initiates On-site Inspection of Virtual Asset Exchange Bithumb
CryptoNewsTerminal Staff10 Sep, 2024
Financial Supervisory Service Initiates On-site Inspection of Virtual Asset Exchange Bithumb
The Financial Supervisory Service (FSS) has selected Bithumb as the first virtual asset exchange for an on-site inspection. The inspection, which is scheduled to take place after the Chuseok holiday period, aims to review user protection systems, identify potential vulnerabilities, and assess compliance with relevant regulations. This marks the first time that a domestic virtual asset exchange has undergone an on-site inspection by the FSS. The inspection will focus on key areas such as the implementation of user protection measures in accordance with the Virtual Asset Act, preemptive identification of risks that could impact user safety, and adherence to regulations intended to prevent unfair trade practices. This initiative demonstrates the FSS's commitment to safeguarding the interests of virtual asset exchange users and fostering a transparent and orderly market.
