South Korea will bolster its oversight of cryptocurrency mixers.

South Korea will bolster its oversight of cryptocurrency mixers.

Jan 15 Tech Standard

Following the US, the South Korean government intends to tighten its oversight of bitcoin mixers.

The Financial Services Commission's Financial Intelligence Unit (FIU) was reportedly considering implementing virtual asset mix regulations, according to local media in South Korea on January 15. The agency stressed that while Korea does not yet have specific sanctions against mixers, criminals are still using this method to launder money.

Prior to this, American authorities likewise concurred that mixers should be regulated and took appropriate measures. The Financial Crimes Enforcement Unit (FinCEN) of the U.S. Treasury Department published anti-money laundering (AML) rules controlling Mixer as a money laundering service last October.

The Sinbad platform was added to the U.S. Department of Treasury's (OFAC) list of sanctions later in December. OFAC charges Sinbad of using funds obtained through hacker collective Lazarus to execute money laundering activities. After hacker attacks on well-known projects like Atomic Wallet, Ronin Bridge from Axie Infinity, and Horizon Bridge, Sinbad processed millions of dollars in virtual currencies.

The creators of Tornado Cash have also been charged by the US authorities with money laundering exceeding $1 billion and breaking sanctions, leading to their arrest. These steps demonstrate how determined the authorities are to stop the illegal use of bitcoin mixers and how they will keep enforcing stringent cryptocurrency control measures.


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