Breaking: South Korea launches “emergency” inspection after Terra's LUNA and UST collapse
|
South Korea's financial authorities have launched "emergency" inspections into domestic cryptocurrency exchange operators to enhance investors' protection after the recent collapse of the TerraUSD and Luna cryptocurrencies, sources said Tuesday. The move came after TerraUSD and LUNA's death spiral caused massive losses to investors and sending shockwaves across the world.
According to industry sources, the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) have recently asked local cryptocurrency exchange operators to share information on transactions linked to TerraUSD and LUNA, including the volumes of their trading, their closing prices and the number of relevant investors. The top financial regulators have also asked them to provide their countermeasures to the recent market crash and analyses of what caused the collapse.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.