South Korea plans to impose sanctions on exchanges such as BitMEX and KuCoin

ChainCatcher news, according to CoinDesk, South Korean financial authorities are planning to impose sanctions on cryptocurrency exchanges such as BitMEX, KuCoin, CoinW, Bitunix, and KCEX, which provide services in Korean but are not registered with the Financial Intelligence Unit (FIU).

The FIU stated that the aforementioned exchanges have not registered as Virtual Asset Service Providers (VASP) as required, and are therefore considered to be operating illegally.

Relevant officials said they are negotiating with the Korea Communications Standards Commission to review plans to block access to these unregistered overseas exchanges, with specific measures expected to be announced within the year.