South Korean Cryptocurrency Exchange May Face Fines and Trading License Suspension for Insider Trading

According to the Korea Herald, cryptocurrency exchange staff who trade on their own platforms will face fines of up to 100 million won (about $90,000) and suspension of their trading licenses by their exchanges under new rules set by South Korean authorities. Penalties for violating the new cryptocurrency trading rules will range from fines of up to 100 million won to orders to rectify the situation, suspension of operations and even termination of trading licenses. South Korea’s Monetary Authority warned earlier last month that it would ban cryptocurrency exchange employees from trading on its exchanges to prevent cross-trading and price manipulation.