Authorities in South Korea are cracking down on 16 crypto exchanges allegedly operating in the country without registration.

South Korea to Block KuCoin, Poloniex in Crackdown on Unregistered Crypto Exchanges

South Korean customers could lose access to more than a dozen crypto exchanges, as local authorities clamp down on foreign businesses who they say are operating in the country without proper registration.

Some 16 unregistered providers have been identified as offering services to Koreans without registering with the right authorities, a press release issued by the country’s Financial Services Commission (FSC) said on Thursday.

An intelligence unit of the FSC has reported the platforms to the country’s investigative authority, and asked that domestic access to their websites be blocked.

The exchanges in question were named as KuCoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex, and Pionex.

According to the FSC, they were found to be targeting Korean customers with Korean-language websites, and by holding promotions targeting local consumers.

The authority warned that unregistered exchanges lacked protections such as certified information security management systems, which are required under Korean law. This, they said, could leave them open to security breaches.

The penalty for operating illegal business activities of unregistered entities in South Korea is up to five years in prison, or a maximum fine of 50 million Korean won ($38,000).

Intelligence units in the respective home countries of the providers will also be informed.

South Korea's tougher line on crypto

South Korean authorities have increased oversight of the crypto market in recent months, especially in the wake of the collapse of Terraform Labs' TerraUSD (UST) stablecoin and its native token LUNA.

Last month, raids were carried out on the offices of local exchanges including Upbit and Bithumb, as part of an investigation into whether TerraLabs CEO Do Kwon intentionally caused the collapse of the Terra ecosystem. TerreLabs co-founder Daniel Shin’s home was also raided.

Meanwhile an investigation has been opened into illegal foreign remittances centered on Korea’s so-called “Kimchi premium” on Bitcoin prices.

Stay on top of crypto news, get daily updates in your inbox.

NEWS RELATED

Bad Bunny retoma sus raíces urbanas con el respaldo incondicional de miles de fans enardecidos

Para alguien que no sea un seguidor incondicional de Bad Bunny, verlo dos veces durante un mismo año sobre un escenario puede sonar excesivo. A fin de cuentas, y a pesar de su inmensa fama, el cantante boricua sigue siendo rechazado por un sector difícil de cuantificar -pero definitivamente amplio- ...

View more: Bad Bunny retoma sus raíces urbanas con el respaldo incondicional de miles de fans enardecidos

Today’s Wordle Answer (October 2nd, 2022): Puzzle 470 Hints, Clues, and Solution

No one can tell you exactly how long it will take you to guess today’s Wordle answer for October 2nd, 2022, only that it won’t be easy. While the specific letters featured in Puzzle 470 aren’t hugely difficult on their own, it’s a bit of a niche or archaic ...

View more: Today’s Wordle Answer (October 2nd, 2022): Puzzle 470 Hints, Clues, and Solution

Napoli vence a Torino con doblete de camerunés Anguissa

ROMA —  En su primera temporada a préstamo, proveniente del Fulham, André-Frank Zambo Anguissa se dio a conocer por su presencia física en el medio campo en 30 encuentros con el Napoli sin anotar. Tras 10 duelos en su segunda campaña para el club del sur de Italia —que adquirió sus ...

View more: Napoli vence a Torino con doblete de camerunés Anguissa

NYPD searching for caught-on-video Brooklyn bike thief

Have you seen this Brooklyn bike thief? Cops are looking to shortcircuit the gutless bandit, who was captured on home surveillance video casually taking the ride from the front steps of a home on 84th Street and 24th Avenue in Bensonhurst shortly after 4:30 a.m. Wednesday. Police are still ...

View more: NYPD searching for caught-on-video Brooklyn bike thief

The Post endorses Mike Lawler in NY-17 House race

Assemblyman Michael Lawler, the Republican candidate for Congress in New York’s District 17. andy Monceaux Photography/Mike Lawler Congress via AP In the fight for the new Rockland-Westchester 17th Congressional District, The Post endorses Assemblyman Mike Lawler over Rep. Sean Patrick Maloney.  Lawler is a no-nonsense Republican with a vision ...

View more: The Post endorses Mike Lawler in NY-17 House race

Letters to the Editor — Oct. 2, 2022

New York Post readers weigh in on why Lee Zeldin is the right governor candidate for parents. Steve White for New York Post The pol for parentsI wonder if the parents of New York City schoolchildren realize what an opportunity Republican candidate for governor Rep. Lee Zeldin is presenting ...

View more: Letters to the Editor — Oct. 2, 2022

Minority-Owned Vendors Boost Business at State Fair of Texas

It’s the first full weekend of the State Fair of Texas. Everyone’s favorite cowboy, Big Tex, was back to welcome folks to Fair Park. One of the big traditions is the State Fair Classic. The big game brought out the fans. But this year – so did many small, minority-owned ...

View more: Minority-Owned Vendors Boost Business at State Fair of Texas

At least 127 killed after riot breaks out at football match

At least 127 people have been killed after a riot at a football match in Indonesia, a police official has said. The violence broke out at a stadium in East Java during a game between Arema and Persebaya Surabaya. Chaos broke out after the match ended 2-3 for the ...

View more: At least 127 killed after riot breaks out at football match

Yankees’ Giancarlo Stanton snaps out of slump with monster home run

King Charles will not attend COP27 after PM Liz Truss ‘objected’: report

The Real Reason T. J. Miller Exited Silicon Valley

The rise of ‘super perps’ exposes Gov. Hochul’s lies about fixing the no-bail law

Man shot multiple times at youth football game in Southern California

Slow Mouse Response in Windows 10: How to Fix?

Syracuse, Wagner Agree to Cut Game Short in Rare College Football Sighting

Adam Howe, 34, charged with murder after mother Susan found on fire on front lawn

Elon Musk’s new ‘Optimus’ robot fails to dazzle during reveal

Knicks now built to increase pace with new personnel, better conditioning

Migrant-death suspect ran detention center accused of abuse

Thousands attend Vancouver rally held in solidarity with Iran’s Mahsa Amini

OTHER NEWS

Breaking thailand news, thai news, thailand news Verified News Story Network