South Korean Regulators Target Crypto Trading Practices Deemed Unfair

South Korean authorities are considering the creation of a protocol that would allow for class action lawsuits against “unfair” cryptocurrency trading. The Financial Services Commission (FSC) aims to protect investors in the country, and has been working on providing greater transparency in digital asset trading. The regulator recently proposed to the National Assembly a bill to establish a class action law that could be extended to general illegal activities, including the securities sector. This could be amended to include anti-cryptocurrency trading activity, the FSC suggested in an internal report obtained by Kukmin Ilbo. The FSC added that cryptocurrencies were not considered finance.
Meanwhile, regulators are still continuing an investigation into suspected token listing bribes in the country. The probes will be expanded if further evidence comes to light. Trading platforms allegedly took bribes to list particular tokens, according to sources. Former Coinone employee Nicola Park was arrested for allegedly accepting KRW1.5m ($1,344) in bribes in exchange for listing 25 assets. The South Korean crypto exchange market has also been dogged by recent hacks and police investigations into price manipulation. However, the country has also seen the arrival of Binance and a decision by Samsung to launch a crypto exchange in 2023.