South Korean regulator: 70% of crypto exchanges failed to repay debts to customers after closure

According to a study conducted by the Financial Supervisory Service (FSS) and the Financial Intelligence Unit (FIU) in South Korea, 7 out of 10 cryptocurrency exchanges in South Korea failed to fully refund investors' funds after ceasing operations. FSS emphasized that even if they did refund, only one or two employees were responsible for returning customers' funds, causing great inconvenience to customers. This problem has affected a considerable number of cryptocurrency investors, highlighting the lack of advance notice and insufficient manpower in the repayment process.

With over 6 million South Koreans engaged in cryptocurrency trading, regulatory agencies emphasize the need to strengthen regulation and strictly comply with upcoming laws to protect cryptocurrency market investors.