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South Korean Regulator Mulls Class Action System In Response To ‘Unfair Crypto Trading’

South Korean Regulator Mulls Class Action System In Response To ‘Unfair Crypto Trading’

Eli Dambel
by Eli Dambel
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In response to reports of unfair cryptocurrency trading practices in South Korea, the country’s financial regulator is considering a class action system to help protect investors. Unfair practices involve different deceptive, unethical, or fraudulent approaches to acquiring business success.

Such practices could include but are not limited to fraudulent gift offers or free prizes, false representation of services, and non-compliance with security standards. The regulators aim to end all these practices to guarantee the safety of crypto investors and users.

Class Action Lawsuit System Against Unfair Crypto Trading Practices

According to a report in local South Korean media, the class action lawsuit became necessary for the nation’s officials after the incident with Terra in May 2022.

Several complaints have reached the Financial Services Commission (FSC) concerning the losses investors incur due to unfair crypto trading practices in the country. These practices include insider trading, market manipulation, wash trading, and other forms of fraud.

Related Reading: Shiba Inu Cofounder Clears The Air On Rumored Token For Shibarium Layer 2 Blockchain

A South Korean daily newspaper obtained information about the proposed plan of the FSC to implement a class action lawsuit system. The officials noted that the class action law would apply to all illegal activities ongoing in the country. As such, the securities sector and the field of digital currencies are no exception.

The report also cited that the FSC does not consider digital currencies as finance. In the meantime, no one can tell whether or not the regulators’ viewpoint will prevail shortly.

Information on Token Listing Bribes

The report reveals trading platforms allegedly list certain digital assets to collect bribes in South Korea. As such, certain officials are joining forces to expand probes channeled to digital currency listing bribes to end such practices. However, this will only take effect if more evidence surfaces.

The officials are investigating the matters concerning these practices, with several ongoing developments. A notable example of such developments is the arrest of a Coinone employee. The report said the accused received a $1.5 million bribe to list 25 digital assets on the Coinone trading platform.

Related Reading: Crypto Traders Rejoice: CME Boosts BTC And ETH Options With Daily Expiries

Furthermore, the South Korean market has been going through difficult times due to several thefts and fraudulent cases in the country.

South Korean Regulator Mulls Class Action System In Response To ‘Unfair Crypto Trading’ crypto
The total market cap is up by over 2% on the chart l Source: Tradingview.com

The nation had recorded a series of hacks, such as that of GDAC, which lost about $13 million to hackers at the time. In another report, Bithumb came under a police probe for reportedly manipulating the prices of listed digital assets.

According to the FSC class action system, the commission has not yet provided details on how the proposed lawsuit would work or when it could be implemented. However, the regulator will continue to monitor the situation closely and take action as necessary to protect investors.

Featured image from Pixabay and chart from Tradingview

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Eli Dambel

Eli Dambel

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Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future. You can follow Eli on Twitter: @EliDambel

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