🚨 South Korea Cracks Down on Unregistered Crypto Exchanges! 🚨
🇰🇷 South Korea’s financial authorities are tightening their grip on foreign crypto exchanges operating without proper registration! 🚫💰 Major platforms like BitMEX, KuCoin, CoinW, Bitunix, and KCEX are under scrutiny for targeting Korean investors illegally.
🔍 According to The Korea Economic Daily, the Financial Intelligence Unit (FIU) is considering access blocks and sanctions ⚠️ against these exchanges for running Korean-language websites and marketing campaigns without approval.
📜 Under South Korea’s Specific Financial Information Act, all crypto platforms must register with the FIU to operate legally. 🚦❌ Failure to comply could lead to criminal penalties and serious consequences! 🚔⚖️
📉 The crackdown follows a similar move in 2022, when 🇰🇷 regulators blocked 16 unregistered exchanges, forcing many to exit the South Korean market. 📵 Now, the number of registered crypto firms has dropped by 26% 📊, with only 31 officially approved platforms remaining.
🔮 What’s Next? Investors in South Korea should stay alert 🧐 and ensure they use compliant exchanges to avoid disruptions! ⚡💡