South Korea Blocks Access to 17 Unlicensed Crypto Exchanges in Crackdown
The countrys Financial Intelligence Unit (FIU) recently pushed for a block on access to 17 crypto platforms that are not registered in the nation. This list includes some notable names such as KuCoin, MEXC, Phemex, XT, CoinEx, BitMart, and Poloniex.
Google responded promptly to this request and enforced the restriction, which means users in South Korea can no longer access these exchanges as of yesterday. This move follows concerns about growing issues like crypto theft and money laundering linked to unregistered platforms, which have been rising globally.
This effort is just one aspect of South Koreas broader initiative to combat illicit activities in the digital asset sector. The country has been tightening its regulatory approach, especially focusing on anti-money laundering efforts. As part of the latest measures, South Korean authorities are also collaborating with Apple Korea and the Korea Communications Standards Commission (KCSC) to limit access to these platforms across various digital channels, including the App Store and other internet services.
The Financial Services Commission (FSC) had earlier flagged 22 crypto platforms for operating without proper registration, adding pressure to these exchanges. With these actions, South Korean regulators are determined to make the crypto space safer for local users by reducing the risk of scams and fraudulent activities.
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Text source: Coindoo
