South Korean court: holding client assets after exchange shutdown is still a crypto business
- —Court rejected CPLabs' suit against the FSC on October 1
- —Custody of client assets after exchange closure ruled a crypto business
- —About KRW 15 billion ($11 million) in client assets involved
- —Assets must be transferred to the Digital Asset Protection Foundation
Why it matters: The precedent forces winding-down Korean exchanges to hand client assets to a regulator-supervised body, strengthening user protection.
Source: Bloomingbit