The Financial Supervisory Service (FSS) of South Korea has announced the launch of a “continuous monitoring system” to detect suspicious crypto transactions on exchanges.
This system was established in collaboration with digital asset exchanges in the country and aims to constantly monitor and identify abnormal transactions.
The system will be implemented on July 19, in accordance with the Virtual Asset User Protection Act, which was passed in 2023 to regulate unfair trade practices and safeguard investors.
The FSS states that the majority of major crypto exchanges subject to the law have set up a system to identify abnormal transactions, covering approximately 99.9% of the country’s trading volume.
When the exchange’s system detects suspicious transactions, they will be reported to the FSS through a dedicated data transmission line. These transactions include those that aim to manipulate the market or engage in other illegal trading activities.
