South Korean police raid an exchange and freeze $215 million in cryptocurrencies

According to Yonhap News Agency, South Korean police raided a cryptocurrency exchange today. The police searched 22 locations, including the exchange's headquarters and employees' homes, and eventually froze 240 billion won (about 215 million U.S. dollars) in cryptocurrencies. However, the name of the exchange was not mentioned in the report.

IT Home learned that in March this year, according to the revised Financial Transaction Reporting Act, virtual asset service providers must undergo compliance checks and verify customer identities, and must submit suspicious transaction reports to the Korea Financial Intelligence Agency and report to the Financial Services Commission. The Financial Transaction Reporting Act provides a 6-month grace period for companies engaged in cryptocurrency-related services, during which they are required to complete rectification.