<p>Korean crypto exchange Coinone has <a href="https://news.mt.co.kr/mtview.php?no&#61;2023092708335591083" rel="noopener noreferrer nofollow">established</a> an audit department and recruited a former director general of the Financial Supervisory Service (FSS) as head auditor, according to local news outlet Moneytoday. This comes in an effort to establish a permanent internal control system and enhance communication with financial authorities.</p><h2 id="header-0">Bringing in a seasoned expert</h2><p>According to industry sources on Wednesday, Coinone recently signed an audit contract with the official, who is now the highest-ranking auditor to be hired by a crypto exchange. It was reported that they had retired from the FSS just last week.</p><p>The new auditor has an extensive career in financial regulation, starting as an investigator at the Bank of Korea’s Legal Affairs Office, and then holding multiple leadership positions at various departments in the FSS, such as the Bank Supervision Department and the Financial Consumer Protection Department. More recently from 2020 to 2021, they served as the Director of the General Affairs Department. During their comprehensive 30-year tenure at both establishments, they gained expertise in the supervision of financial enterprises.</p><h2 id="header-1">Coinone’s dedication to regulatory compliance</h2><p>They are expected to start their duties at Coinone soon, shortly after the end of the recent Chuseok holiday. The decision to hire them was strongly influenced by its commitment to auditory regulation, the exchange said, emphasizing the need for internal control and preemptive risk management during the complex process of establishing itself as a formal business.</p><p>Considering the continued tightening of regulations on cryptocurrencies in Korea, such as the enactment of the Virtual Asset User Protection Act and the introduction of guidelines for accounting and reporting on trading cryptocurrencies, Coinone also said that it is determined to actively engage with financial authorities through the new auditor.</p><p>“This move reflects the intention to build practical expertise in audit services with FSS personnel who have professional knowledge in the area,” an industry insider commented.</p>

Coinone Hires Former FSS Official as Head Auditor

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