- Exchange offered three customers $4.5 million in discounts.
- Two platforms sent their disclosures late.
- A review of reporting standards needed, says academic.
Controversy is brewing in the South Korean crypto community after exchanges delayed submitting data on benefits policies and offered big-spending traders exclusive rewards.
The regulatory Financial Supervisory Service told the country’s five permit-holding crypto exchanges to submit the data by April 15, South Korean newspaper Seoul Shinmun reported. However, Bithumb and Upbit, the nation’s two biggest trading platforms, sent their reports on April 17.
The FSS has asked the firms to provide reasons for the delays.
“It all sounds very disorderly,” Kim, a Seoul-based crypto trader…
