[Alpha Biz= Reporter Kim Sangjin] The Financial Supervisory Service (FSS) has selected Bithumb for its first on-site inspection of virtual asset service providers under the new Virtual Asset User Protection Act.
According to financial authorities on the 11th, the FSS communicated its inspection plan to Bithumb the day before.
Previously, the FSS announced it would begin on-site inspections of two Korean won-denominated exchanges as early as this month to check compliance with legal obligations.
The FSS will focus on examining whether virtual asset service providers adhere to regulations related to user asset protection, including the storage of user funds and virtual assets, and market self-regulation.
The inspection will also emphasize the establishment of ongoing monitoring systems for detecting irregular trading activities, such as market manipulation.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
