South Korea to block non-compliant Crypto Exchange
South Korean authorities allegedly look into the Blocking of the CRIPTO Exchange platform that may have been working without compliance with the country’s financial regulator.
21. Marta, Local Media Hankiung export that the financial intelligence service (FIU) Commission for Financial Services, consider sanctions against CRIPTO exchange for allegedly operates in the country, not reporting as an operator to appropriate regulators.
South Korean Financial Authorities require a CRIPTO exchange to report regulators as virtual providers of property services (VASPS) under the country’s financial information law.
FIU is investigating a list of exchange and implements consultation with related agencies. The regulator also considers sanctions, such as blocking access to exchanges, because they begin to prepare countermeasures.
South Korean Regulators for Crypt’s Crypto
The regulator will reportedly propagate exchanges allegedly by providing services to South Korean without the relevant WASP reports. Exchanges in the FIU list allegedly provided marketing and customer support to Korean investors without passing through the conformity process in the country.
Local Media Hankiung mentioned that Crypto Exchange Kucoin is on the list together with other platforms crypto. In the statement, the Kukoin representative said cointelegraph:
“We carefully monitor the prescribed development Deforms, including Korea, that compliance is essential for the healthy and sustainable growth of the crypt’s industry. It has always been our attitude and keep us forward forward. We remain forward.
According to laws in the country, CRIPTO, storage, mediation, mediation and management operators must apply for FIU. If exchanges do not respect, their business will be considered illegal and subject to criminal penalties and administrative sanctions.
The FIU official has told the report that measures to block access to exchange involved on the list. The official said the financial regulator is currently consulting with the Korea Standards Commission, the Internet in charge of internet, on how they can block access to exchange.
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South Korean Exchange faces supervision
In addition to foreign exchange, South Korean Cripto exchange also faces attention over suspicions and rumors of financial violation of the law.
20. Marta, prosecutors exaggerated to Bittumba after the suspicion of her former executive director, Kim Dae-Sik, Embezzlement to buy an apartment. Authorities suspect that the exchange and its executive may have violated some financial laws during the purchase of the apartment. However, Bithumba replied that Kim had already taken a loan to return the funds.
In addition, the rumors of mediators paid to live projects on Bittumba and upbit on the surface. Specifying anonymous sources, Vu Blockckain said the projects claimed that millions had paid to stated on exchange.
The Upbit replied, demanding a media outlet to detect the list of digital funds projects that paid mediation fees.
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2025-03-21 16:29:00
