Partner Attorney Sinyoung Choi of Cha & Kwon Law Offices stated that the Financial Services Commission’s decision to refer suspects of crypto market manipulation and false information dissemination to prosecutors, while imposing administrative penalties to recover illicit gains, marks the beginning of full enforcement under the Virtual Asset User Protection Act. The case involves multiple forms of unfair trading practices, including large-scale price manipulation, the spread of false information through social media, and fraudulent trading exploiting price linkage between exchange markets.
 
Attorney Choi explained that the conduct of a large investor purchasing multiple assets in advance and submitting concentrated buy orders to create the appearance of rising prices—before selling the holdings once market demand increases—represents a typical form of market manipulation. She also noted that purchasing a specific token in advance and then spreading false or misleading information through social media to induce price increases before selling the holdings may constitute fraudulent unfair trading. Such enforcement demonstrates the need for strict regulatory responses in the fast-moving information environment of digital asset markets.
 
She further analyzed the significance of the administrative penalty imposed in a case where wash trading in a tether-based market artificially raised Bitcoin prices, which in turn created the appearance of higher KRW-denominated prices for other tokens. According to Attorney Choi, the imposition of administrative penalties aimed at recovering illicit profits indicates that authorities are establishing a practical enforcement model in which economic gains from unfair trading can be swiftly confiscated, separate from criminal sanctions.
 
Attorney Choi concluded that the measures signal the transition of the digital asset market’s regulatory framework from legislative preparation to active enforcement. She added that, alongside strengthened surveillance obligations for exchanges and improved disclosure systems, these developments are expected to enhance market transparency and reinforce investor protection within the digital asset ecosystem. (디지털에셋 2025. 10. 9)

URL: 가상자산 불공정거래 첫 과징금 부과의 법적 의미와 실무 대응 < 디애셋프로 < 마켓 < 기사본문 - 디지털애셋 (Digital Asset)