The launch of Crypto.com in South Korean has been put on hold following concerns raised by regulators about possible money laundering anomalies in the platform's data.
After discovering anti-money laundering issues in the data submitted by Crypto.com, South Korean authorities conducted a sudden inspection to monitor the platform's operations.
According to an official from the Financial Services Commission (FSC), the regulatory body responsible for overseeing the country's financial sector, issues related to the exchange's measures to prevent money laundering were also detected.
On April 23, the Financial Intelligence Unit (FIU) initiated an emergency on-site inspection just days before Crypto.com's launch in South Korea.
Notably, the platform had previously obtained a national virtual asset business license (VASP) in the country.
In light of regulatory concerns, Crypto.com has announced the postponement of its launch, initially scheduled for April 29.