The Biggest Banks in South Korea Submitted to Cryptocurrency Accounts Inspections

South Korean officials may seem to be the most active ones when it comes to regulation and crackdown of the cryptocurrency market. After many investigations conducted on the issue of potential tax avoidance and the proposed proposed legislation to regulate the market, now it seems that the largest banks in the country have been authorized by the authorities.

A new local media report has revealed that some of the biggest banks in South Korea were inspected by officials. The inspections focused on the cryptocurrency accounts opened at these banks. The accounts are related to cryptocurrency exchanges, which have been turned on by the radars of money laundering and speculative trading.

Authorities examined at six big banks
The investigation is conducted by the Financial Intelligence Unit and the Financial Supervisory Service. The two authorities inspected six major banks and the accounts they gave some cryptocurrency exchanges. Local media indicated that the authorities will conduct an "intensive probe" in these accounts and are seeking to determine if the banks have committed any wrongdoing.

The banks have to comply with all money laundering reporting policies and Authorities revealed that they found 111 bank accounts that are linked to exchanges dealing with cryptocurrencies. These accounts include around 2 trillion won, which is about $ 1.8 billion

It has previously been spoken about the possibility of closing down exchanges that do not comply with the rules. The country recently proposed a ban on all cryptocurrency trading that is conducted anonymous All these actions are to be taken from fraud and money laundering. The ban is set to enter in effect on January 20.

Authorities have not been able to increase their scrutiny of the cryptocurrency market in South Korea. It is still to see if their new inspections will reach some conclusions.