Korean Regulator Takes Action Against 16 Foreign Crypto Exchanges
The South Korean financial intelligence unit is taking action against 16 foreign cryptocurrency exchanges for operating illegally in the country. “For illegal business activities of unregistered entities, maximum of 5 years of imprisonment or up to KRW 50 million of fines can be imposed,” the regulator said. 16 Foreign Crypto Exchanges Flagged by South Korean Regulator South Korea’s top financial regulator, the Financial Services Commission (FSC), announced Thursday that the country’s financial intelligence unit (KoFIU) has notified investigative authorities about the illegal business activities of 16 unregistered virtual asset service providers (VASPs). The KoFIU is South Korea’s financial intelligence unit (FIU) and the lead agency in the Asian country for anti-money laundering and countering financing of terrorism (AML/CFT) matters. The 16 entities are Kucoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, Coinw, Coinex, AAX, Zoomex, Poloniex, BTCEX, BTCC, Digifinex, and Pion