South Korea Cracks Down On Foreign Crypto Exchanges Without Registration
In a significant move to tighten its grip on the burgeoning world of cryptocurrencies, South Korea is intensifying its crackdown on foreign crypto exchanges operating without proper registration. The government has targeted platforms such as KuCoin, BitMEX, CoinW, Bitunix, and KCEX, all of which have failed to register as Virtual Asset Service Providers (VASP) under local law.
The Financial Intelligence Unit (FIU) is actively considering measures to block access to these unlicensed platforms, collaborating with the Korea Communications Standards Commission to seek technical solutions that would enhance regulatory compliance. This approach is particularly important as officials compile data on user losses associated…
