Crypto.com has postponed its launch in South Korea following reports of a money laundering probe conducted by local authorities.
Earlier in 2022, Crypto.com had secured regulatory approval from South Korean regulators. This year, the exchange had planned the release of an app for retail users located in South Korea on April 29. However, the Singapore-based firm had to delay the launch after news outlet Segye Ilbo reported that the exchange platform was under an "urgent on-site inspection" by the Financial Intelligence Unit (FIU) over concerns related to anti-money laundering data.
According to the report by Segye Ilbo, the FIU, operating under the Financial Services Commission, initiated the on-site inspection after discovering issues with the anti-money laundering data submitted by Crypto.com. The inspection reportedly began on the same day the report was published.
In response, Crypto.com emphasized its commitment to upholding stringent policies, procedures, systems, and controls regarding anti-money laundering measures.