South Korea's Financial Services Commission "Overseas criminals can't run domestic coin exchanges... Binance targeted"

Financial authorities have decided to restrict those who have violated overseas financial laws from entering the domestic cryptocurrency market, according to the Seoul Shinmun. According to a document obtained by the newspaper on March 3, the Financial Services Commission will amend the enforcement decree of the Act on Reporting and Utilization of Specified Financial Transaction Information (Special Act). This is in response to inappropriate attempts by some cryptocurrency operators to appoint criminals as executives, and will significantly tighten the requirements for cryptocurrency operators to comply with the somewhat lax reporting provisions. "It is seen as a device to block Binance, which has been convicted of money laundering, from entering South Korea," the media explained.