South Korean Officials to Begin On-Site Probes of Domestic Banks

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The South Korean government has continued to tighten its regulatory grip on the country’s cryptocurrency market, and this time, it’s going after banks directly. Government officials plan to conduct on-site inspections of 6 major Korean banks throughout the week to ensure that regulations for virtual accounts are being properly followed. These inspections are the latest development in a series of moves by South Korea’s government to curb cryptocurrency investment by cracking down on illegal practices such as fraud and money laundering. Big Brother Knocks on Big Banking’s Door As originally reported by Yonhap News Agency, South Korean financial officials will conduct

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