South Korean starts crackdown on unregistered overseas crypto exchanges

08/12 07:14

According to Daum, the Financial Intelligence Unit (FIU) under South Korea’s Financial Services Commission (FSC) has begun monitoring and cracking down on unregistered overseas crypto exchanges operating in South Korea. FIU believes that since this year, some overseas crypto exchanges have carried out Korean-language websites and marketing activities. Although these exchanges are the objects of declaration under the Korean Specific Financial Information Utilization Act (Special Gold Act), they are illegally conducting illegal activities due to lack of registration. business, so we started to investigate. An FSC official said: "At present, we are monitoring and verifying the service behavior and business locations of individual overseas exchanges. According to the current law, it is illegal for unregistered overseas exchanges to operate in South Korea, and the maximum penalty is 5 Years in prison or a fine of not more than 50 million won.

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