South Korean financial authorities are planning sanctions against crypto exchanges who are operating illegally in the country, business newspaper Hankyung reported on Friday.
The Financial Intelligence Unit (FIU) classified a number of exchanges who are not registered as Virtual Asset Service Providers (VASPs) as targets for sanctions, according to the report.
The exchanges targeted – BitMEX, KuCoin, CoinW, Bitunix and KCEX – have been found to be operating Korean-language websites without reporting to FIU. For that reason, they are classed as illegal businesses, as per the country’s regulations.
“We are currently reviewing blocking access to unreported overseas exchanges that are providing services to domestic investors through consultation with the Korea Communications Standards Commission,” an FIU official said, accordinh to the report.
“We are organizing damage cases and related data to strengthen communication between…
