Binance May Be Fined in South Korea: Another Setback After Being Warned by Many Countries

The Financial Services Commission (FSC) in South Korea planned to require Binance to complete its registry operation within the time limit, aiming to follow suit based on other regulators worldwide, on the morning of July 6th, according to Finance Magnates.

Noted by FSC, Binance must finish the registration of its businesses before September 24th, the deadline stipulated by the South Korean government on cryptocurrency-related enterprises getting licensed.

FSC has announced that firms in the cryptocurrency industry should report their transactions to government bodies, and those failing to submit their reports before September 24th will face fines capped at KRW 50 million.

In addition, Binance has received warnings issued by regulators in many countries, including Japan, Britain, and Thailand, last week.

The reason for its current situation is that Binance sees tremendous trading volumes per day, which may trigger huge risks even if something tiny goes wrong.

What‘s more, trading in digital currencies can fuel the difficulty of crackdowns on money laundering from regulators’ perspective. The investigation of unlicensed companies can be more difficult once they run away or face abnormal situations.

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!