💀 South Korea🇰🇷: sanctions for unregistered crypto exchanges

💀 South Korea🇰🇷: sanctions for unregistered crypto exchanges

The platforms BitMEX, KuCoin, CoinW, Bitunix, and KCEX are under investigation. Authorities are collecting data and analyzing potential sanctions.

➡️ These platforms have offered Korean-language websites, marketing events, and customer support for local investors without complying with the Financial Intelligence Unit (FIU) requirements of the Financial Services Commission.

➡️ These practices are considered illegal, leading to criminal and administrative penalties.

➡️ Background: In 2022, the FIU requested that the Korea Communications Standards Commission (KCSC) block 16 unregistered exchanges and worked with credit card issuers to restrict crypto transactions. As a result, many platforms were forced to exit the South Korean market.

➡️ Local platforms are also under scrutiny. This week, prosecutors opened an investigation into Bithumb for alleged misuse of company funds. It is alleged that the former CEO used $2.4 million USD to purchase an apartment.

➡️ Context: In 2024, around 15 million South Koreans invested in cryptocurrencies. Additionally, deposits in exchanges doubled to $6.03 billion USD in November.

#news #Asia #crypto

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