KuCoin among 16 Illegal Crypto Exchanges Operating in South Korea
- None of these platforms are following local guidelines for crypto exchanges.
- The Financial Intelligence Unit is now pushing for blockchain access to these platforms.
The South Korean authorities are now cracking down on overseas cryptocurrency exchanges as 16 such platforms operate in the country without authorization, local media The Korea Times reported.
Among the illegal platforms are reputed global names like KuCoin and MEXC, which, according to the Korea Financial Intelligence Unit, have allegedly violated the peninsula’s Financial Information Act.
All of these platforms offer cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term services to South Koreans but did not meet any requirements or obligations under the local legal framework.
The Korea Financial Intelligence Unit already requested the Korea Communications Commission for blocking access to websites and mobile applications of the allegedly illegal crypto platforms. The decision to that is now pending with the latter, which under normal circumstances might take up to a couple of weeks.
A Major Crypto Market
South Korea is one of the major retail crypto markets globally. Despite its small size, the cryptocurrency penetration rate in the country is high, making it a very lucrative market to enter for the international crypto giants.
South Korea is yet to bring any cryptocurrency-specific rules, but the authorities have mandated the reporting of crypto businesses to financial watchdogs.
The rules pushed some of the major global players like Binance, the latest crypto exchange in terms of trading volume, out of the country. However, a total of 16 international exchanges continued their South Korean operations without meeting the obligations.
“Most local crypto exchange operators team up with the government to build a more reliable crypto ecosystem, even if specific legal frameworks have not been introduced so far,” an anonymous industry source told the local publication.
“We expect the authorities to come up with specific measures to root out illegal activities for the healthy growth of the industry.”
Meanwhile, the South Korean watchdog agencies are reportedly opening investigations against $3.1 billion worth of forex transactions linked to cryptocurrency transactions under the suspension of money laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term.
The South Korean authorities are now cracking down on overseas cryptocurrency exchanges as 16 such platforms operate in the country without authorization, local media The Korea Times reported.
Among the illegal platforms are reputed global names like KuCoin and MEXC, which, according to the Korea Financial Intelligence Unit, have allegedly violated the peninsula’s Financial Information Act.
All of these platforms offer cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term services to South Koreans but did not meet any requirements or obligations under the local legal framework.
The Korea Financial Intelligence Unit already requested the Korea Communications Commission for blocking access to websites and mobile applications of the allegedly illegal crypto platforms. The decision to that is now pending with the latter, which under normal circumstances might take up to a couple of weeks.
A Major Crypto Market
South Korea is one of the major retail crypto markets globally. Despite its small size, the cryptocurrency penetration rate in the country is high, making it a very lucrative market to enter for the international crypto giants.
South Korea is yet to bring any cryptocurrency-specific rules, but the authorities have mandated the reporting of crypto businesses to financial watchdogs.
The rules pushed some of the major global players like Binance, the latest crypto exchange in terms of trading volume, out of the country. However, a total of 16 international exchanges continued their South Korean operations without meeting the obligations.
“Most local crypto exchange operators team up with the government to build a more reliable crypto ecosystem, even if specific legal frameworks have not been introduced so far,” an anonymous industry source told the local publication.
“We expect the authorities to come up with specific measures to root out illegal activities for the healthy growth of the industry.”
Meanwhile, the South Korean watchdog agencies are reportedly opening investigations against $3.1 billion worth of forex transactions linked to cryptocurrency transactions under the suspension of money laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term.