{"id":65985,"date":"2022-08-18T13:09:31","date_gmt":"2022-08-18T10:09:31","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=65985"},"modified":"2025-09-06T22:59:16","modified_gmt":"2025-09-06T19:59:16","slug":"in-south-korea-16-crypto-exchanges-accused-of-violating-the-law","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/in-south-korea-16-crypto-exchanges-accused-of-violating-the-law\/","title":{"rendered":"In South Korea, 16 crypto exchanges accused of violating the law"},"content":{"rendered":"<p>The Financial Services Commission of South Korea (FSC) has charged 16 overseas cryptocurrency platforms with providing services to residents without registration. This was reported by <a href=\"https:\/\/www.news1.kr\/articles\/?4776612\">News1<\/a>.<\/p>\n<p>Among them are KuCoin, MEXC, Phemex, XTcom, Bitrue, ZBcom, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex, Pionex.<\/p>\n<p>These firms organised events and offered services on their Korean-language sites. They also offered incentives for purchasing cryptocurrencies with credit cards. The issuers of the latter could also face sanctions.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cUnregistered operators of virtual assets may be exposed to risks such as personal data leaks and hacking. The information security management system (ISMS) is not properly configured. There is a risk of money laundering.\u201d<\/em>, \u2014 according to the statement.<\/p>\n<\/blockquote>\n<p>Under the Special Financial Information Act, platforms that operate with South Korean citizens must undergo ISMS certification and report this to the FSC&#8217;s Financial Intelligence Unit.<\/p>\n<p>Violators face up to five years in prison and a fine of 50 million won (~$38,150). Such companies will not be able to operate in the country for the next five years.<\/p>\n<p>Earlier in July, the <span data-descr=\"South Korea's Financial Supervisory Service\" class=\"old_tooltip\">FSS<\/span> <a href=\"https:\/\/forklog.news\/vlasti-korei-izuchat-rol-bankov-v-arbitrazhe-kimchi-premii-na-6-5-mlrd\/\">began an investigation<\/a> into alleged assistance by local banks for cross-border transfers to crypto exchanges totaling $6.5 billion, which were associated with the \u201ckimchi premium.\u201d<\/p>\n<p>In the same month, the government of the country <a href=\"https:\/\/forklog.news\/v-yuzhnoj-koree-otlozhili-vvedenie-naloga-na-bitkoin-trejderov\/\">postponed the introduction of a tax<\/a> on bitcoin traders until January 1, 2025.<\/p>\n<p> Read ForkLog\u2019s bitcoin news on our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Services Commission of South Korea (FSC) has charged 16 overseas cryptocurrency platforms with providing services to residents without registration, according to News1.<\/p>\n","protected":false},"author":1,"featured_media":65986,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,36,974],"class_list":["post-65985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-regulation","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"90","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/65985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=65985"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/65985\/revisions"}],"predecessor-version":[{"id":65987,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/65985\/revisions\/65987"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/65986"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=65985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=65985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=65985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}