OKBIT's entry into KRW market virtually canceled--"No filing will be made"

According to D-Center, South Korean cryptocurrency exchange Okbit's transition to the Korean won exchange has been abandoned. The company is in talks with SC First Bank to receive a real-name account, but the financial authorities are planning to prevent it from entering the won market, citing a lack of anti-money laundering (AML) capabilities. The FIU believes that Crypto.com, the issuer of "Chronos Coin" (CRO), is a related party with an interest in Okbit. OKBit was acquired by global cryptocurrency exchange Crypto.com in August 2022. According to Article 10, paragraph 5 of the Virtual Asset User Protection Act, which will be enforced in July next year, virtual asset operators are prohibited from buying, selling, and trading virtual assets issued by related parties. Based on these grounds, we will notify Okbit of its inability to enter the KRW market."