- FSC has filed a number of accusations against major operators in the field of virtual assets
Companies face a fine, and in some cases five years in prison
The Financial Services Commission (FSC) filed claims against major cryptocurrency service providers. Exchanges are accused of violating the so-called “
Special Financial Information Act” (“Specific Financial Information Act”).
The Regulator declares that the specified counterparties have introduced trading without accounting in the proper form. The companies also used various “lure” materials in the promotional campaign, which could cause false expectations among customers.
The accusations relate to the following exchanges: uCoin, MEXC, Phemex, XT.com, Bitrue, ZB .com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex and Pionex.
Breach of this law is punishable by a fine of million won (16 thousand dollars) to imprisonment for a term of 5 years. Also, the fined organization will not be able to work in the cryptosphere for several years.
The indicated regulation requires financial service operators to obtain an information security management system (ISMS) certificate. The sites designated above ignored this requirement. So far, the companies have not commented on the regulator’s claims. “. Law enforcement officers conducted several searches, including in the house of the co-founder of the scandalous Terra project.