The Business Times reported in 2022, citing Bloomberg as: South Korea plans to block access to foreign cryptocurrency exchanges within the country. which lacks proper registration to operate in the country and can open investigations into companies
The Financial Services Commission’s intelligence service has reported 16 foreign crypto-currency businesses to the country’s investigative agency and has asked other agencies. Block access to local company websites According to a statement on Thursday (Aug. 18),
The statement states that the companies include KuCoin, MEXC, Phhemex, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex and Pionex.
Authorities intend to report violations to the country where the company originated and will try to separate them from other sectors. of local cryptocurrencies If they do not have the required permits Unregistered and illegal operators face up to five years in prison or a fine of up to 50 million won, or regarding S$52,000, according to the statement. They are also barred from registering companies for a period of time.
Last year, South Korea mandated crypto-currency platforms to be certified for information security management systems. Since then, crypto exchanges More than half of the country has ceased operations. The government states that 35 digital asset providers are currently registered as legal platforms in the country, the latter including Upbit, Bithumb, Coinone, Korbit and Gopax, five exchanges with more than 99% of the domestic market share.
Officials around the world are rigorously scrutinizing the crypto sector following the price slump this year. This includes a $40 billion purge in South Korean entrepreneur Do Kwon’s Terraform Labs ecosystem that unravels TerraUSD Stablecoin.
Reference : https://www.businesstimes.com.sg/banking-finance/south-korea-to-block-foreign-crypto-exchanges-lacking-permit
