South Korea
Digital Asset
FSC Notifies Beacon Fintech (formerly Blockchain Company) of 100 Million Won Fine for Refusing to Submit Inspection Materials
- The FSC's prior notice on administrative fines for violators of the Virtual Asset User Protection Act, published on November 2, named Beacon Fintech as subject to a 100 million won fine.
- According to the FSC, the FSS sent Blockchain Company written notices of inspection or requests for data submission at least nine times between July 19 and 26, 2024.
- The company refused to submit the requested materials and shut down its business premises, which the FSC determined constituted obstruction of the supervisory inspection.