FIU Decides to Block Access to 27 Illegal Overseas Cryptocurrency Exchanges

The Financial Intelligence Unit (FIU) announced that it will block access to the websites of overseas virtual asset exchanges. The Korea Communications Commission held two deliberations on the 6th and 7th at the request of the FIU and decided to block access or terminate services for 27 illegal virtual asset operators currently in operation. The blocked exchanges include KuCoin, Mexc, Phemex, XT.com, Bitru, CoinW, ZoomX, Poloniex, BTCC, DigiFinex, Pionex, Blokfin, BingX, BitMart, and KCEX. These companies are believed to have operated domestically without reporting to the FIU. According to the Specific Financial Information Act, virtual asset operators must report to the FIU, and failure to do so can result in imprisonment for up to five years or fines of up to 50 million KRW. The FIU has been notifying registered operators of unreported businesses and has reported them to investigative agencies. So far, 44 illegal businesses have been reported to investigative agencies. The FIU emphasized that the response system against illegal digital asset operators has been strengthened and expects a preventive effect against damages.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.