Ah, South Korea! A land where kimchi reigns supreme and the financial authorities have decided to don their superhero capes. 🦸♂️ It appears they’ve set their sights on the notorious unregistered foreign exchanges, namely BitMEX and KuCoin, for their dastardly deeds of operating without the sacred seal of approval. Access-blocking measures? Oh, they’re considering them! How thrilling! 🎢
In a plot twist worthy of a Dostoevsky novel, the financial authorities have begun their crusade against these foreign crypto exchanges. BitMEX and KuCoin, those cheeky rascals, have been offering their services to the unsuspecting Korean populace without the proper registration under the Specific Financial Information Act. Tsk, tsk! 😏
According to the ever-reliable Korea Economic Daily, the authorities are contemplating sanctions against these foreign exchanges. A spokesperson from the Financial Intelligence Unit (FIU) has been quoted saying they are “reviewing access block measures” for those overseas exchanges that continue to tempt Korean investors. It’s like a game of cat and mouse, but with more spreadsheets and fewer whiskers! 🐱
But wait, there’s more! The report reveals that BitMEX, KuCoin, CoinW, Bitunix, and KCEX are under the watchful eye of the authorities for their audacious act of running Korean-language websites and marketing directly to South Korean users. All this, without the golden ticket of registration! The horror! 😱 Under the current rules, any company dabbling in cryptocurrency must register with the FIU, or face the wrath of criminal penalties. It’s like a game of Monopoly, but with real money and no “Get Out of Jail Free” cards!
In a dramatic turn of events in 2022, the FIU requested the Korea Communications Standards Commission to block 16 unregistered foreign exchanges, including the infamous KuCoin, MEXC, and Poloniex. This led to a mass exodus of exchanges from the South Korean market. Talk about a crypto drama! 🎭
Fast forward to February, and the FIU revealed that only 31 brave souls remain registered as crypto trading firms in South Korea, a staggering drop from 42 in 2024. The delisted companies include GDAC, ProBit, Huobi Korea, and Bitrade, among others. It seems many platforms couldn’t muster the courage to renew their registrations, leading to their unfortunate exclusion from the nation’s registry. A tragic tale indeed! 📉
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2025-03-21 11:35