S Korean Financial Regulator Says it Warned Terraform Co-founders of Danger Back in 2018
Source: SomYuZu South Korean financial regulators say they warned the Terraform Labs co -founders Do Kwon and Daniel Shin against launching their business back in 2018 – but were ignored. Per YTN, the Financial Supervisory Service (FSS), one of the nation’s top regulators, said it first spoke to Terraform in 2018. Terraform executives reportedly asked the FSS whether they should register their new “cryptoasset payment business” as an “electronic financial business” or a “payment business.” But the FSS replied that cryptoasset-powered solutions “cannot be registered as a payment business in any form, as cryptoassets are not a legal form of payment.” The FSS then went on to “warn” the Terraform bosses Kwon and Shin “several times” about the company’s business model – both again in 2018 and then in 2019. But the FSS said Terraform instead chose to “ignore the opinion o...