South Korean authorities are reportedly looking into blocking crypto exchange platforms that may have operated without adhering to the requirements set by the country’s financial regulator. On March 21, local media Hankyung reported that the Financial Intelligence Unit (FIU) of the Financial Services Commission is considering sanctions against crypto exchanges for allegedly operating in the country without reporting as an operator to the appropriate regulators. South Korean financial authorities require crypto exchanges to report to regulators as virtual asset service providers (VASPs) under the country’s Specified Financial Information Act. The FIU is investigating a list of exchanges and is conducting consultations with related agencies.
The official said the financial regulator is currently consulting with the Korea Communications Standards Commission, the regulator in charge of the internet, on how they can block access to the exchanges. Related: Wemix denies cover-up amid delayed $6.2M bridge hack announcementSouth Korean exchanges face scrutiny Apart from foreign exchanges, South Korean crypto exchanges are also facing scrutiny over suspicions and rumors of financial misconduct. On March 20, prosecutors raided Bithumb following suspicions that its former CEO, Kim Dae-sik, embezzled company funds to purchase an apartment.
The regulator is also considering sanctions, such as blocking access to the exchanges, as they begin to prepare countermeasures. South Korean regulators eye crypto exchangesThe regulator will reportedly crackdown on exchanges allegedly providing services to South Koreans without the appropriate VASP reports.
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Author / Journalist: Cointelegraph by Ezra Reguerra
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