Crypto.com Delays App Launch in South Korea over Regulatory Scrutiny

Crypto.com has postponed its planned launch of an app in South Korea due to scrutiny by the regulators on the exchange's anti-money laundering practices. According to a local media publication Segye Ilbo, Korean financial authorities have initiated an emergency on-site inspection of the crypto exchange.Anti-Money Laundering ConcernsThe inspection, conducted by the Financial Intelligence Unit (FIU) under the Financial Services Commission, followed the discovery of anti-money laundering-related issues in the data submitted by Crypto.com.Crypto.com has emphasized its commitment to maintaining proper anti-money laundering standards, according to a report by Coindesk. The firm mentioned that it adheres to the "highest" standards. However, it intends to postpone the launch of its app to ensure that Korean regulators are fully apprised of its policies, procedures, systems, and controls. The exchange had announced plans to launch a domestic mobile application facilitating coin trading on the 29th. According to the firm, the service promises competitive pricing and support for various virtual asset transactions. Crypto.com obtained approvals to operate in South Korea in 2022. However, regulatory hurdles have proved challenging for the crypto exchange.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.