South Korean Regulator Cracks Down on Unregistered Foreign Crypto Platforms
- South Koreas FIU and FSC have blocked 17 unregistered cryptocurrency exchanges, including KuCoin, Poloniex, and MEXC, from Google Play to prevent money laundering and protect local investors within the country.
- Authorities are working with Apple Korea and the KCSC to also restrict access to these crypto platforms via the internet and the App Store.
South Korean regulators have blocked 17 unregistered cryptocurrency exchanges, including Poloniex, KuCoin, and MEXC, from Google Play. That is, South Korean residents no longer have access to some crypto exchanges, they have urged users to withdraw their funds. This is part of the Countrys efforts to stop money laundering and protect citizens from possible crypto losses.
The government hopes this action will reduce financial risks and ensure better oversight of digital trading platforms.
March 26, South Koreas Financial Intelligence Unit (FIU) announced that Google had already blocked about 17 unregistered cryptocurrency exchange apps. This action restricts users within the nations the access to downloading or updating the apps.
Earlier on March 21, the FIU mentioned that there is a high probability of sanctions against all cryptocurrency platforms that have failed to register under the countrys financial laws. The agency warned that running an unregistered and unregulated exchange could lead to serious penalties, like; five years in jail or fines that could reach 50 million (around $34,150).
The South Korean Authorities require virtual asset service providers (VASPs) to report their operations to regulators. The FIU worked with the Korea Communications Standards Commission (KCSC) to explore ways to come about restricting the access of these platforms. By March 26, the Financial Services Commission (FSC) released a list of 22 unregistered crypto exchanges, with 17 already removed from Google Play, limiting new installations and any kind of updates.
South Korea Blocks 17 Crypto Exchanges
The FSC announced that 17 unregistered exchanges are now restricted on Google Play, so no new users can install the apps. Existing users will also be unable to receive new updates. Some of the affected exchange platforms include; KuCoin, MEXC, Phemex, XT.com, Biture, CoinW, CoinEX, ZoomEX, Poloniex, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, CoinCatch, WEEX, and BitMart.
Officials believe this action will help reduce money laundering and protect local investors from any form of losses. The FIU is also working with Apple Korea and the KCSC to block access through the internet and the App Store.
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Text source: TronWeekly
