South Korea cracks down on offshore crypto trading platforms that operate without a license
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Answer South Korea cracks down on offshore crypto trading platforms that operate without a license
According to a “Bloomberg” report, South Korea’s regulator, the FSC, intends to audit more than a dozen offshore cryptocurrency exchanges that provide services in the country without a proper license.
South Korea is preparing to ban 16 foreign trading platforms:
Sixteen foreign exchange cryptocurrency exchanges operate in South Korea without clear regulatory clearance, according to a statement from the FSC.
The authority’s statement was also shared on Twitter by crypto journalist Colin Wu earlier yesterday.
The South Korean government has accused FSC 16 crypto exchanges of breaking the law, including KuCoin MEXC Phemex XTcom Bitrue ZBcom Bitglobal CoinW CoinEX AAX ZoomEX Poloniex BTCEX BTCC DigiFinex Pionex.
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– Wu Blockchain August 18 2022
Among these platforms concerned with the statement of the Korean authority:
Poloniex, Bitrue, CoinEX, KuCoin, etc…
The country’s authorities now intend to prevent investors and traders from accessing unlicensed trading platforms in Korea and may launch an investigation regarding these companies.
Their unlicensed work will be reported to the companies’ countries of origin, and they will try to isolate them from the crypto sector if these platforms fail to obtain the necessary permissions to operate in South Korea.
According to local laws and regulations, individuals or companies that illegally provide paid services may face up to five years in prison or a fine of up to 50 million won (equivalent to $37,900).
In addition, these companies may lose the opportunity to register their company for a certain period of time.
In 2021, the South Korean government required cryptocurrency exchanges to obtain certification through the Information Security Management System.
As a result, more than 50% of local cryptocurrency traders have left their business in the country.
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Currently, 35 platforms have legal permission to provide their services to clients, and among these licensed platforms are:
Bithumb, Upbit, Coinone…
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