South Korean financial regulator considers regulating cryptocurrency mixers

According to Mars Finance, South Korea’s financial regulator is considering regulating cryptocurrency “Mixers” that are used by illegal organizations to launder funds. It is reported that the Financial Intelligence Unit (FIU) of the Financial Commission is considering the introduction of regulatory measures for currency mixers. Mixers make it difficult to trace information about both parties and transaction details by splitting and redistributing crypto assets to multiple wallet addresses. Originally designed to protect the privacy of users with huge amounts of money, it is now widely used by hackers and criminal gangs to launder money. The laundering of funds through mixers makes it more difficult to track funds and monitor crimes, the FIU said.