Krutika Adani
Authorities are cracking down on overseas crypto exchanges operating without proper registration under Korean law.
The Financial Intelligence Unit (FIU) has identified BitMEX, KuCoin, CoinW, Bitunix, and KCEX for allegedly serving Korean users illegally.
Authorities are working with regulators to block access to these platforms and impose strict penalties for non-compliance.
In 2022, South Korea blocked 16 unregistered exchanges, forcing many to exit the market. More enforcement is coming.
With 15M+ South Koreans investing in crypto, regulators are tightening oversight to prevent illegal activities and financial risks.