South Korea Probes Over 40 Crypto Manipulation Cases in Two Years

South Korea’s Virtual Asset User Protection Act took effect on July 19, 2024, establishing penalties for unfair crypto trading and requiring exchanges to strengthen transaction monitoring and reporting. The framework is significant in one of Asia’s most active retail digital-asset markets, where authorities have stepped up efforts to deter price manipulation and protect investors from abusive trading practices.

Marking the law’s second anniversary, the Financial Services Commission said authorities had investigated more than 40 cases involving illegal crypto trading and market manipulation over the past two years. Thirty cases were referred to investigative agencies, while 25 suspects were identified. Illicit gains averaged about 1.4 billion won per case, underscoring both the scale of the alleged misconduct and Seoul’s expanding enforcement drive.