South Korea Cracks Down On Non-Compliant Crypto Exchanges
South Korea is taking stringent measures against non-compliant cryptocurrency exchanges in a move designed to enforce its financial regulations more effectively. On March 21, 2025, local media reports indicate that the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) is planning to impose sanctions on platforms accused of operating without proper registration as virtual asset service providers (VASPs). This investigation includes well-known exchanges like KuCoin and BitMEX, raising concerns about their adherence to the Specified Financial Information Act.
The FIU is currently analyzing a list of exchanges, consulting with relevant agencies, and preparing to implement various actions,…
