Due to anti-money laundering investigations, Crypto.com has postponed its launch in South Korea

ChainCatcher news, according to CoinDesk, cryptocurrency exchange Crypto.com has decided to postpone the launch of its app for retail users in South Korea, originally scheduled for April 29, due to a surprise on-site inspection by Korean regulators regarding anti-money laundering compliance issues.

The Korean World Daily reported that the Financial Intelligence Unit of South Korea (under the Financial Services Commission) found issues with the anti-money laundering data submitted by Crypto.com, prompting the start of an on-site inspection of the exchange on Monday.

In response, Crypto.com stated in a statement to CoinDesk that the company maintains the highest anti-money laundering standards in the industry. Crypto.com will delay its launch plans in South Korea to take this opportunity to ensure that Korean regulators understand the company's comprehensive policies, procedures, systems, and controls, all of which have been reviewed and approved by major jurisdictions worldwide.

It is reported that in 2022, Crypto.com received approval from Korean regulators. Since acquiring Okbit, Crypto.com has not onboarded any new customers in South Korea, and existing Okbit customers only have access to withdrawals; the platform has never been named for any anti-money laundering violations.