U.S. markets closed
  • S&P 500

    4,145.19
    -6.75 (-0.16%)
     
  • Dow 30

    32,803.47
    +76.67 (+0.23%)
     
  • Nasdaq

    12,657.55
    -63.04 (-0.50%)
     
  • Russell 2000

    1,921.82
    +15.36 (+0.81%)
     
  • Crude Oil

    88.53
    -0.01 (-0.01%)
     
  • Gold

    1,792.40
    -14.50 (-0.80%)
     
  • Silver

    19.86
    -0.26 (-1.30%)
     
  • EUR/USD

    1.0185
    -0.0065 (-0.63%)
     
  • 10-Yr Bond

    2.8400
    +0.1640 (+6.13%)
     
  • GBP/USD

    1.2073
    -0.0085 (-0.70%)
     
  • USD/JPY

    134.9700
    +1.9540 (+1.47%)
     
  • BTC-USD

    23,224.13
    +36.68 (+0.16%)
     
  • CMC Crypto 200

    533.20
    -2.02 (-0.38%)
     
  • FTSE 100

    7,439.74
    -8.32 (-0.11%)
     
  • Nikkei 225

    28,175.87
    +243.67 (+0.87%)
     

S. Korea finance regulator to audit Terra and related exchanges

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

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