South Korea Plans Sanctions Against BitMEX, KuCoin, Others: Report

South Korean monetary authorities are planning sanctions towards crypto exchanges who’re working illegally within the nation, enterprise newspaper Hankyung reported on Friday.

The Financial Intelligence Unit (FIU) categorised quite a few exchanges who will not be registered as Virtual Asset Service Providers (VASPs) as targets for sanctions, in keeping with the report.

The exchanges focused – BitMEX, KuCoin, CoinW, Bitunix and KCEX – have been discovered to be working Korean-language web sites with out reporting to FIU. For that purpose, they’re classed as unlawful companies, as per the nation’s rules.

“We are currently reviewing blocking access to unreported overseas exchanges that are providing services to domestic investors through consultation with the Korea Communications Standards Commission,” an FIU official mentioned, accordinh to the report.

“We are organizing damage cases and related data to strengthen communication between authorities, and we expect to see tangible measures taken within this year.”

BitMEX, KuCoin and CoinW didn’t reply to CoinDesk’s request for remark.

Last month, South Korean crypto alternate Upbit was prohibited from permitting new prospects to switch belongings to its platform for 3 months as a consequence of non-compliance with its obligations as a regulated supplier.

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