South Korean Authorities Ban Crypto Trading on Telegram: A Legal Fallout

South Korea’s financial authorities have issued a critical warning, prohibiting all crypto trading conducted through platforms like Telegram and open chatrooms. The Financial Intelligence Unit (FIU) has deemed such practices illegal, affecting thousands of investors who utilized these informal channels for cryptocurrency transactions. The move comes as authorities highlight the increasing risk posed by unregulated operations on platforms like Telegram, where scams and fraud thrive due to their anonymous nature.