South Korea Bans ICO

September 29, 2017

The Financial Services Commission (FSS) of South Korea said that it will ban ICO. The main aim of this decision was protection of investors from frauds. According to the idea of FSS, trading of virtual currencies needs to be tightly controlled. “Stern penalties” will be issued on financial institutions and any parties involved in issuing of ICOs.

It is worthwhile to say that after ban in China to provide ICO and close of exchange, many traders and investors moved to other Asian countries, including South Korea.

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