[Alpha Biz=(Chicago) Reporter Paul Lee] In the wake of the recent sudden closure of virtual asset operators, financial authorities have called for caution not to expand user damage.

Earlier, Casherrest, a coin market (that only supports transactions between coins and coins) exchange, announced on the 13th that it plans to end withdrawal support on December 22 after the end of transaction support. Coinbit, another coin market exchange, also announced the suspension of the service on the 16th.

The Financial Services Commission said on the 21st that there are concerns over damage caused by the recent closure of several virtual asset operators, adding that both operators and users should pay attention to this.

The Financial Services Commission stressed that even if virtual asset operators decide to terminate their operations, they should comply with their obligations under the Special Law and the User Protection Act as long as their business status is maintained.

Accordingly, the operator must establish business procedures to minimize damage, such as support for user deposits and withdrawal of virtual assets, along with prior notice of business closure.

In addition, it was announced that the scheduled date of termination and how to return user assets should be individually notified at least one month before the closing date, and new membership and asset deposits should be stopped immediately.

Users also checked the business status of virtual asset operators to prevent damage, and informed them that their assets should be returned immediately when their operations are terminated.

The Financial Intelligence Unit (FIU) of the Financial Services Commission said it will monitor operators' return of customer assets and actively conduct on-site inspections if necessary.

 

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