South Korean Crypto Exchanges Could Face Fines and Suspension of Trading Licenses for Insider Trading

According to the Korea Herald, under the new rules formulated by the South Korean authorities, cryptocurrency exchange staff will face fines of up to 100 million won (about $90,000) and suspension of trading licenses if they trade on their own platforms. Penalties for violating the new cryptocurrency trading rules will range from fines of up to 100 million won to orders to rectify, suspend business, and even terminate trading licenses. The Financial Services Administration of South Korea warned earlier last month that it would ban cryptocurrency exchange employees from trading on its exchanges to prevent cross-trading and price manipulation.