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S. Korea finance regulator to audit Terra and related exchanges

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Danny Park
·1 min read
In this article:
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  • LUNA-USD

The Financial Supervisory Service (FSS) of South Korea will perform an on-site inspection of Terraform Labs and financial services linked to TerraUSD (UST) or LUNA.

See related article: Are we heading for a post-Terra crypto winter?

Fast facts

  • The FSS said at an emergency National Assembly meeting on Tuesday that the audit aims to prevent damages from the Terra-LUNA debacle from spilling into the financial market.

  • South Korean regulators have been operating with a higher sense of urgency since local investors have reportedly lost hefty sums of savings in the UST de-pegging incident.

  • The financial authority said it intends to tap into a third-party institution to enhance its monitoring of domestic and global crypto markets.

  • The FSS added it plans to categorize cryptocurrencies according to risk types.

  • Managing digital assets and industry risk is limited due to insufficient legislation, speculative transactions, and inadequate disclosures of information such as white papers, the FSS said.

  • The Korea Fair Trade Commission (KFTC) also pledged at the Tuesday meeting to examine “unfair” terms and conditions in local cryptocurrency exchanges.

See related article: South Korean authorities cite LUNA debacle to call for speedier crypto oversight

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