South Korean financial authorities are planning to sanction against crypto exchanges operating illegally in the country, business newspaper Hankyung reported on Friday.
According to the report, the Financial Information Unit (FIU) categorized many exchanges that are not registered as virtual asset service providers (VASPS) as sanctions targets.
Targeted Exchanges – Bitmex, Kucoin, Coinw, Bitunix, KCEX- are known to run Korean websites without reporting to FIU. Therefore, they are classified as illegal business in accordance with national regulations.
“We are currently considering block access to unreported overseas exchanges serving domestic investors through consultations with the Korea Communications Standards Commission,” a FIU official said in accordance with the report.
“We have compiled cases of harmful disorders and related data to enhance communication between the authorities and hope to take concrete steps this year.”
Bitmex, Kucoin, and Coinw did not respond to Coindesk’s request for comment.
Last month, South Korea’s crypto exchange Upbit was allowed to move assets to the platform for three months, as it did not violate its obligations as a regulated provider.
Read more: South Korean prosecutors hit Crypto Exchange Bithumb: Report
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