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South Korean Regulator: It Is Impossible in Reality to Close Cryptocurrency Exchanges

The South Korean Fair Trade Commission (KFTC) does not have the authority to close cryptocurrency exchanges. “It is impossible in reality,” said the KFTC chairman. The agency is currently investigating 13 major exchanges operating in the country for alleged violations of the e-commerce law.

Also read: South Korean Officials Caught Trading On Insider Knowledge of Crypto Regulations

No Authority to Close Exchanges

South Korean Regulator: It Is Impossible in Reality to Close Cryptocurrency ExchangesThe KFTC is currently investigating 13 major cryptocurrency exchanges for alleged violations of the South Korean Electronic Commerce Law, including Bithumb, Coinone, and Korbit, according to local media.

However, KFTC Chairman Kim Sang-Joo said on Wednesday that “the e-commerce law does not have the right to close virtual currency exchanges,” adding that “it is impossible in reality.” In an interview on CBS radio, he elaborated:

We do not have the authority to close virtual currency exchanges…It is a clear reality that there is no proper legal provision related to it.

When asked if other ministries could ban or close cryptocurrency exchanges, Kim emphasized, “cryptocurrency has recently emerged and other laws do not have the exact legal provisions related to closing exchanges.”

In addition, Kim commented on what the Justice Minister Park Sang-ki said recently about cryptocurrency trading being a form of gambling, stating:

I do not agree with the attitude of Justice Minister Park Sang-ki, who said, ‘cryptocurrency investment is gambling’.

Voluntary Reforms or Extreme Measures

Kim also noted on Wednesday that “there are many illegal activities discovered during the investigation.”

<img title="South Korean Regulator: It Is Impossible in Reality to Close Cryptocurrency Exchanges" src="https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_712597354-300×213.jpg" alt="South Korean Regulator: It Is Impossible in Read More Here