Minance, the largest in the world Cryptocurrency Exchange With volume trading, it successfully completed its acquisition of South Korea’s Digital Exchaest GoPet.
GoPAX’s Gopax pole
October 16, Industry Sources corn South Korea’s financial authorities have completed their review of Gopax’s long-awaited executive reforms. Minance initially acquired a 67% stake in Gopax back in February 2023, keeping itself as the majority shareholder.
However, the process of approval of the top changes brought to the Financial Intelligence Unit (FIU) had been extended for almost two and a half years, as regulators were wary of the possible consequences of the ownership of minance in South Korea’s Throwing money away (AML) Framework.
The screatiny around the scrutiny around its legal concerns in the US, where the security and the Securities Commission (sec) under its previous chair Gary Gary Gernsler, accused the exchange of funds for American customers and in misappropriation of customers’ money.
The US Treasury Department and the Department of Justice (DoJ) have also charged the consortium with violating the AML Act, resulting in a maximum fine of $4.3 billion. This eventually led to the CEO HOLY CEO Changpeng Zhao, CZ, to resign for four months in prison.
France pours AML efforts for Crypto exchanges
Currently, South Korean law does not mandate a separate audit process for shareholders of Cryptocurrench Exchanges. In turn, regulation It requires those who want to work in the digital asset sector, as well as their managers, to report to Fiu.
In addition, people who have been charged with crimes related to hiding money, supporting terrorism, or violating foreign exchange and capital market laws are prohibited from doing business in this sector. This regulatory framework has led the South Korean authorities to scrutinize binance’s qualifications to enter the market.
At the same time, France is strengthening its money laundering efforts in relation to cryptocurrency exchanges. Just like the king In Bloomberg, regulatory bodies are working to examine more than 100 organizations that have registered to offer crypto services, with the aim of determining whether they will receive permits to operate across the country.
The observation of the French Prudenity and the authority of the agreement, known as complete checks on several exchanges, including binance, since the end of the year, according to confidential sources familiar with the situation.
At the time of writing, Binance Coin (BNB), the traditional token of the exchange, has been one of the worst sellers of Friday following the big weeks in the new period highs above $1,360. The fourth largest cryptocurrency by Market Cap is currently trading at $1,074, having experienced a record loss of 7% over the past 24 hours.
Featured image from DALL-E, chart from TradingView.Com
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