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🇰🇷 TODAY: South Korea's Financial Services Commission issues administrative guidance ordering crypto exchanges to suspend new lending operations until proper guidelines are established. https://t.co/Fc65usPkQi
SOUTH KOREA ORDERS EXCHANGES TO HALT CRYPTO LENDING - South Korea’s Financial Services Commission (FSC) ordered domestic exchanges to suspend all crypto lending programs starting Tuesday. - The regulator said the products operate in a legal gray zone and pose risks of user https://t.co/qyar606noE
South Korea’s Financial Services Commission (FSC) has ordered local crypto exchanges to suspend lending services effective immediately until official guidelines are introduced. The FSC said such services exist in a legal gray area and have already forced 13% of borrowers into
South Korea’s Financial Services Commission on 19 August ordered domestic cryptocurrency exchanges to halt all lending services with immediate effect. The regulator said the products, which allow customers to pledge digital assets in exchange for interest-bearing loans, operate in a legal gray zone and expose users to significant risks. The FSC added that the suspension will remain in place until it completes new guidelines governing crypto lending. The move deepens Seoul’s consumer-protection drive in the digital-asset market, which has faced heightened scrutiny since a series of high-profile platform failures in recent years.