The Korea Financial Intelligence Unit (KoFIU), a top financial regulator in South Korea, on Thursday urged its local consumers using overseas cryptocurrency exchanges to verify whether such platforms have been registered under the Korean financial authority.
The watchdog disclosed that a total of 16 virtual asset service providers (VASPs) have failed to register themselves with the financial authority and are therefore regarded as illegal business operators in South Korea.
The regulator identified the crypto exchanges as follows: KuCoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex, and Pionex.
The KoFIU stated that it has informed the investigative authority about the illegal crypto exchanges targeting Korean users by providing Korean-language services.
The financial regulator further said it has requested the Korea Communications Commission to block the companies' website access to local users to prevent their...
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