South Korea Blocks Access to 27 Unregistered Cryptocurrency Platforms
- Access will be restricted to platforms including KuCoin, MEXC, and BingX.
- The Financial Intelligence Unit (FIU) identified a total of 44 unregistered operators.
- Registered exchanges are ordered to restrict transfers to addresses linked to these unregistered platforms.
- Operating without registration can lead to a penalty of up to five years in prison or a fine of up to 50 million won.
- Average trading fees on these platforms ranged from 1.5% to 10%, compared to 0.16% at major South Korean exchanges.
The Korea Communications Standards Commission will block access for platforms operating without registration, impacting both local and foreign services targeting the Korean market. This move reflects increased regulatory scrutiny aimed at protecting users and ensuring compliance with financial laws.
With the action against these unregistered operators, South Korean authorities are enforcing stricter regulations that could significantly affect user access and trading costs on affected platforms, where fees are notably higher than those at registered exchanges.(Source)
