South Korea will maintain its ban on initial coin offerings (ICOs), following analysis of a survey conducted by the country’s Financial Supervisory Service (FSS), on behalf of Korea’s chief financial regulator
An audit performed by an outside accounting firm revealed that Upbit, which has been hit with allegations of fraud, has done nothing wrong.
Upbit has been invaded by South Korean investigators following accusations of falsifying balance sheets to deceive investors.
Yoon Suk-heun, the new head of South Korea’s Financial Supervisory Service, echoed what many others have stated—better cryptocurrency regulation would be beneficial to the industry.
Besides promoting acceptance of cryptocurrencies, a South Korean official would also like to see banks work closely with crypto exchanges.
