South Korea's financial regulatory body, the Financial Intelligence Unit (FIU), unveiled new Anti-Money Laundering (AML) regulations targeting crypto companies last week—including a blanket ban on privacy coins. This is a major blow to privacy coin tokens like Zcash (ZEC) and Monero (XMR), which were specifically banned in the new rulings. The FIU vowed to eliminate “all forms of anonymity" in domestic crypto trading following national backlash against privacy tokens after they were used excessively by the operators of a brutal members-only video chat room in Telegram app called Nth Room where underage girls were sexual exploited while being broadcasted live to a Telegram channel. On March 18, 2020, the Seoul Metropolitan Police confirmed they arrested 14 perpetrators who brutally exploited underage girls by enslaving them and forcing them to perform sexual acts. The case first surfaced in February, when nearly 220,000 Korean netizens petitioned for the authorities to look into the issue. A man nicknamed God God is believed to be the main perpetrator, who is being charged with blackmail, cybersex trafficking, and the spread of sexually exploitative videos containing child pornography. New guidelines will become compulsory next year, as crypto exchanges will be required verify the identity of their users for fiat conversions. The crypto bill calls for crypto exchanges to strengthen their AML and Know Your Customer (KYC) policies.