South Korea Cracks Down on Unauthorized Cryptocurrency Funds

South Korean monetary regulators are cracking down on unauthorized cryptocurrency funds. Specifically, one crypto fund launched by an area change is reportedly being investigated. The change claims no wrongdoing as its token actions have been carried out abroad, however has promptly canceled its plan to launch a second fund.

Additionally learn: Yahoo! Japan Confirms Entrance Into the Crypto House

Unauthorized Crypto Funds

South Korea’s Monetary Companies Fee (FSC) and the Monetary Supervisory Service (FSS) have warned traders of unauthorized cryptocurrency funds. The warning adopted the launch of a monetary product the place “cryptocurrencies collected from some traders are managed by means of preliminary coin choices (ICO), and earnings are distributed at their expiration dates,” Enterprise Korea described.

The regulators particularly referred to the fund launched final month by crypto change Zeniex referred to as “ZXG Crypto Fund No. 1,” which is “the primary digital…

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