In response to reports of unfair cryptocurrency trading practices in South Korea, the country’s financial regulator is considering a class action system to help protect investors. Unfair practices involve different deceptive, unethical, or fraudulent approaches to acquiring business success.

Such practices could include but are not limited to fraudulent gift offers or free prizes, false representation of services, and non-compliance with security standards. The regulators aim to end all these practices to guarantee the safety of crypto investors and users.

Class Action Lawsuit System Against Unfair Crypto Trading Practices

According to a report in local South Korean media, the class action lawsuit became necessary for the nation’s officials after the incident with Terra in May 2022.

Several complaints have reached the Financial Services Commission (FSC) concerning the losses investors incur due to unfair crypto trading practices in the country. These practices include insider trading, market manipulation, wash trading, and other forms of fraud.

Related Reading: Shiba Inu Cofounder Clears The Air On Rumored Token For Shibarium Layer 2 Blockchain

A South Korean daily newspaper obtained information about the proposed plan of the FSC to implement a class action lawsuit system. The officials noted that the class action law would apply to all illegal activities ongoing in the country. As such, the securities sector and the field of digital currencies are no exception.

The report also cited that the FSC does not consider digital currencies as finance. In the meantime, no one can tell whether or not the regulators’ viewpoint will prevail shortly.

Information on Token Listing Bribes

The report reveals trading platforms allegedly list certain digital assets to collect bribes in South Korea. As such,

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Author: Eli Dambell

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