Crypto.com delays app launch in South Korea after regulatory setback

Crypto.com has postponed its launch in South Korea following reports of a money laundering probe conducted by local authorities. 
Dot
April 24, 2024
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

TABLE OF CONTENTS
Kris Marszalek; Photo Source: Crypto.com (YouTube)

Crypto.com has postponed its launch in South Korea following reports of a money laundering probe conducted by local authorities. 

Earlier in 2022, Crypto.com had secured regulatory approval from South Korean regulators. This year, the exchange had planned the release of an app for retail users located in South Korea on April 29. However, the Singapore-based firm had to delay the launch after news outlet Segye Ilbo reported that the exchange platform was under an "urgent on-site inspection" by the Financial Intelligence Unit (FIU) over concerns related to anti-money laundering data.



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According to the report by Segye Ilbo, the FIU, operating under the Financial Services Commission, initiated the on-site inspection after discovering issues with the anti-money laundering data submitted by Crypto.com. The inspection reportedly began on the same day the report was published. 

In response, Crypto.com emphasized its commitment to upholding stringent policies, procedures, systems, and controls regarding anti-money laundering measures.

Crypto.com delays app launch in South Korea after regulatory setback

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Contents
Kris Marszalek; Photo Source: Crypto.com (YouTube)

Crypto.com has postponed its launch in South Korea following reports of a money laundering probe conducted by local authorities. 

Earlier in 2022, Crypto.com had secured regulatory approval from South Korean regulators. This year, the exchange had planned the release of an app for retail users located in South Korea on April 29. However, the Singapore-based firm had to delay the launch after news outlet Segye Ilbo reported that the exchange platform was under an "urgent on-site inspection" by the Financial Intelligence Unit (FIU) over concerns related to anti-money laundering data.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


According to the report by Segye Ilbo, the FIU, operating under the Financial Services Commission, initiated the on-site inspection after discovering issues with the anti-money laundering data submitted by Crypto.com. The inspection reportedly began on the same day the report was published. 

In response, Crypto.com emphasized its commitment to upholding stringent policies, procedures, systems, and controls regarding anti-money laundering measures.

Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

Crypto.com has postponed its launch in South Korea following reports of a money laundering probe conducted by local authorities. 

Earlier in 2022, Crypto.com had secured regulatory approval from South Korean regulators. This year, the exchange had planned the release of an app for retail users located in South Korea on April 29. However, the Singapore-based firm had to delay the launch after news outlet Segye Ilbo reported that the exchange platform was under an "urgent on-site inspection" by the Financial Intelligence Unit (FIU) over concerns related to anti-money laundering data.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


According to the report by Segye Ilbo, the FIU, operating under the Financial Services Commission, initiated the on-site inspection after discovering issues with the anti-money laundering data submitted by Crypto.com. The inspection reportedly began on the same day the report was published. 

In response, Crypto.com emphasized its commitment to upholding stringent policies, procedures, systems, and controls regarding anti-money laundering measures.

Written by
Ayush Pande