Authorities require virtual asset service providers (VASPs) to report to regulators under the country’s Specified Financial Information Act. At the time, the FIU said it was coordinating with the Korea Communications Standards Commission (KCSC), the regulator in charge of the internet, on how they could block access to the exchanges. By March 26, the FSC published a list of 22 unregistered platforms, highlighting 17 that had been blocked from the Google Play store.
However, the exchange did not provide detailed information on its plans for South Korea. Related: Wemix denies cover-up amid delayed $6.2M bridge hack announcementSouth Korean exchanges face controversiesSouth Korean regulators’ actions against unregistered exchanges follow the country’s increased scrutiny of crypto trading platforms. On March 20, Seoul’s Southern District Prosecutors’ Office raided Bithumb offices in the country, as prosecutors suspected financial misconduct involving the exchange’s former CEO.
Google Play implemented access restrictions to 17 unregistered overseas crypto exchanges catering to local users in South Korea at the request of the country’s regulators. On March 21, the Financial Intelligence Unit (FIU) of the South Korean Financial Services Commission (FSC) said it was considering sanctions against operators that did not report to the relevant authorities.
or
Share This Story
Article Details
Author / Journalist: Cointelegraph by Ezra Reguerra
The story "Google Play blocks access to 17 unregistered exchanges in South Korea" has 452 words across 27 sentences, which will take approximately 2 - 4 minutes for the average person to read.
Which news outlet covered this story?
The story "Google Play blocks access to 17 unregistered exchanges in South Korea" was covered 3 days ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 10 news stories per day.
It's most recent story was published 9 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
