South Korea Contemplates Sanctions on Crypto Mixers Following US Lead

The South Korean government is mulling over sanctions on crypto-mixing services, drawing inspiration from the U.S. The Financial Intelligence Unit (FIU) is in early discussions about regulations to curb the misuse of mixing services for illicit activities, a move following the U.S.’s footsteps in imposing sanctions against prominent crypto mixers.

South Korea’s financial regulator, the FIU, is exploring the implementation of sanctions on crypto-mixing services, mirroring actions taken by the U.S. This comes in response to the rising use of mixers for illicit money laundering. The FIU has initiated talks on potential regulations, with the process expected to take some time.

Discussions were ignited in South Korea following the U.S.’s imposition of sanctions on crypto mixers. An FIU official disclosed that the deliberations are in the early stages, and the U.S. is actively engaged in the conversation.

Crypto mixers, designed to enhance privacy, have inadvertently become a favored method for scammers and hackers to launder stolen funds. The U.S. government, recognizing the severe money laundering risks associated with mixers, previously imposed sanctions. Notably, Tornado Cash faced sanctions in August 2022, followed by Sinbad in November 2023, with allegations of North Korean ties.

Disclaimer: The information provided in this article is for educational and informational purposes only. It should not be considered financial advice from Cryptozi or any other entity. We want to emphasize that if readers use the content or services mentioned in this article, Cryptozi is not responsible for any resulting losses. Therefore, it is strongly advised to exercise caution and consult with financial professionals before making any financial decisions that could impact your financial situation.

Lastest

Coinbase Commerce Faces Backlash for Dropping Dogecoin Support

Coinbase Commerce discontinues support for native Bitcoin, Dogecoin,...

Digitex Futures Exchange CEO Faces US Charges for Bank Secrecy Act Violation

Adam Todd Indicted: CEO of Digitex Futures Exchange,...

Forbes Establishes Permanent Metaverse Presence with ‘Luxurious Pool’ and ‘Elegant Bar’

Forbes enters the metaverse with a permanent presence...

Virginia Senate Proposes $39K Annual Fund for Crypto and AI Commissions

Virginia Senate Proposal: Allocates $39,240 yearly for Blockchain...

Subscribe

spot_img

Related

Coinbase Commerce Faces Backlash for Dropping Dogecoin Support

Coinbase Commerce discontinues support for native Bitcoin, Dogecoin,...

Digitex Futures Exchange CEO Faces US Charges for Bank Secrecy Act Violation

Adam Todd Indicted: CEO of Digitex Futures Exchange,...

Forbes Establishes Permanent Metaverse Presence with ‘Luxurious Pool’ and ‘Elegant Bar’

Forbes enters the metaverse with a permanent presence...

Virginia Senate Proposes $39K Annual Fund for Crypto and AI Commissions

Virginia Senate Proposal: Allocates $39,240 yearly for Blockchain...

Cryptocurrency Exchange Fixedfloat Suffers $26 Million Hack in BTC and ETH

Automatic Exchange Hacked: Fixedfloat, a centralized cryptocurrency exchange,...
spot_imgspot_img

Coinbase Commerce Faces Backlash for Dropping Dogecoin Support

Coinbase Commerce discontinues support for native Bitcoin, Dogecoin, and Litecoin payments. Product lead Lauren Dowling cites consumer demand for an on-chain payments protocol...

Digitex Futures Exchange CEO Faces US Charges for Bank Secrecy Act Violation

Adam Todd Indicted: CEO of Digitex Futures Exchange, Adam Todd, charged with violating the Bank Secrecy Act. Illegal Operation: Allegations of illegally operating...

Forbes Establishes Permanent Metaverse Presence with ‘Luxurious Pool’ and ‘Elegant Bar’

Forbes enters the metaverse with a permanent presence on the Sandbox platform. The virtual experience boasts a luxurious pool, elegant bar, and a...