South Korea to Inspect Cryptocurrency Exchanges for Suspicious Transactions

South Korea's financial regulator, the Financial Supervisory Service (FSS), will begin inspecting virtual asset exchanges for any suspicious or illegal transactions. According to local news outlets quoting the regulator, the FSS will impose severe penalties for illegal activities found during the inspections in order to maintain market order and advocate for regulatory changes to address systemic flaws if necessary. During the inspections, the regulator will look for suspicious transactions and ensure that cryptocurrency exchanges and related companies comply with the regulations.