Initial investigations revealed that all crypto exchanges performed legal operations across South Korea. still, Flata Exchange is suspected of listing its in- house commemorative on the exchange without previous blessing from the Financial Services Commission( FSC).
The FSC is a government agency responsible for regulating fiscal services assiduity in South Korea. In addition to regulating banks and other fiscal institutions, similar as payment card companies and cryptocurrency exchanges, it also has nonsupervisory authority over cryptocurrency exchanges.
Flata Exchange responded by stating that it would cooperate with the FSC in order to resolve this matter as snappily as possible. The exchange added that it has been conducting business under strict compliance with regulations and licenses issued by applicable authorities in each country where it operates.
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