@antoinebraynon
The Financial Supervisory Service of South Korea (FSS) has developed a 24/7 monitoring system for local crypto exchanges that will track suspicious activity in the digital asset market. According to the agency, the FSS, the system should track large transactions and transactions whose execution is delayed for a long time. This year, the FSS has already introduced a standardized reporting format for local crypto exchanges, which must report suspicious transactions to the agency. To identify abnormal transactions, the FSS used the criteria of the Korean Exchange (KRX), preparing special models and metric indicators that should filter out any unusual transactions. Large exchanges, which account for 99.9% of cryptocurrency transactions in South Korea, have already created a monitoring system based on their own criteria, the agency clarifies. The regulator recommended that exchanges form a special team to monitor transactions.
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