Main notes
- The list includes a well -known encryption such as Bitmex, Kucoin and Coinw.
- These exchanges work illegally in the Korean language.
- According to what was reported, the authorities will take legal measures during the year 2025.
According to what was reported, the financial authorities in South Korea will be punished by exchanging many encryptions abroad that operate illegally in the country of East Asia.
These central stock exchanges, including Kucoin, Coinw, Bitunix and KCEX, were providing financial services to South Koreans without registration as virtual asset service providers (VASPS) under the specific financial information law, in accordance with the local position Hansgon.
Kucoin is the largest stock exchange in the list with a daily trading volume of $ 850 million, according to Data From Coinmarketcap.
The Korean Financial Intelligence Unit (FIU), affiliated with the Financial Services Committee, according to the report, is investigating the platforms and claims that the stock exchanges in the list are working in the Korean language.
According to the report, the authorities claimed that external exchanges targeted the South Koreans without providing marketing and supporting customers.
Consequently, the agency is considering setting sanctions such as preventing access to exchange sites listed with the assistance of the Korea Communications Standards Committee.
“The measures will be taken this year,” said FIU.
Hankyung reports that VASPS must submit reports to FIU and obtain the agency's approval before engaging in any type of financial operations.
“The failure to do this will be considered illegal acts and is subject to criminal punishment and administrative penalties,” says the report.
Hankyung also mentioned bitmex among other encryption platforms in the list. However, Bitmex Coinspeaker told the travel base to which the stock market has already complied.
Enter the South Korean market
South Korea is one of the largest encryption markets in the world. Country Ranked 19 In the “2024 Crypto English Index” report by Chainalysis.
In December 2024, South Korea's encryption trading volume reached a mark of $ 18 billion, which surpasses the size of the stock market by 22 %.
However, the organizational scene in South Korea forces many local stock exchanges to stop operations. Last month, Coinspeaker reported that 11 encryption exchanges must stop its services during the past year due to organizational pressure.
This brought the total number of active exchanges in the country to 31.
Most of the South Korean encryption trading volume came over the past 24 hours of the main stock exchanges: Upbit ($ 1.88 billion) and bithumb ($ 1.02 billion), according to CMC data.
Even Upbit, the largest encryption exchange in South Korea, received a notice from FIU in January because of his failure to comply with the anti -money laundering policies (AML).
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Slip: Coinspeaker is committed to providing unbiased and transparent reports. This article aims to provide accurate and timely information, but it should not be considered financial or investment advice. Since market conditions can change quickly, we encourage you to check your information and consult with a professional before making any decisions based on this content.
Wahid has analyzed and informed the latest trends in the decentralized ecosystem since 2019. He has more than 4000 articles in his name, and his work has been presented to some leading ports including Yahoo Finance, Investing.com, Cointelgraph and Benzinga. Unlike reporting, Wahid loves to connect points between Defi and Macro in his news message, Monk on the series.
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