Coin Exchanges Not Allowed to Handle Self-issued Coins
The Financial Services Commission is looking into cryptocurrencies issued by domestic exchanges. This is because the bankruptcy of FTX was caused by FTT, its self-issued cryptocurrency.
“According to the Act on Reporting and Using Specified Financial Transaction Information, domestic cryptocurrency exchanges cannot handle self-issued cryptocurrencies, and the ongoing investigation is a kind of double check,” the commission said.
The commission is also investigating every FTT trading that has been conducted at domestic cryptocurrency exchanges. According to industry sources, the total amount of FTT at the exchanges is approximately two billion won.
In South Korea, FTT is currently tradable at Gopax, Coinone and Korbit. The three exchanges are planning to delist it at 18:00, Nov. 26.