The South Korean government is clamping down on unregistered international digital currency platforms, such as BitMEX and KuCoin, TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America the goal of ceasing their unlawful actions and possibly preventing entry to these platforms.
According to existing regulations, any organization involved in digital currency activities in South Korea, including trading, possessing, or overseeing digital currencies, is required to register with the Financial Intelligence Unit (FIU). Failure to do so may result in criminal accusations and punishments. Exchanges such as BitMEX, KuCoin, CoinW, Bitunix, and KCEX are being investigated for managing Korean-language websites and targeting Korean users without proper registration as digital currency firms in the nation.
An FIU representative stated that they are in discussions with the Korea Communications Standards Commission on the possibility of restricting access to international exchanges that continue to serve Korean investors. The Korea Economic Daily reported that officials are contemplating penalties for several foreign exchanges that have not properly registered but continue to provide services to Koreans.
In 2022, the FIU requested that the Korea Communications Standards Commission prohibit 16 unregistered international exchanges, including KuCoin, MEXC, and Poloniex, which prompted many to withdraw from the South Korean market. The FIU has begun taking measures against a number of foreign digital currency exchanges, including BitMEX and KuCoin, for providing services to Korean users without adequate registration under South Korea’s Act on Reporting and Use of Specific Financial Transaction Information.
In February, the FIU revealed that only 31 digital currency trading businesses are registered in South Korea, a 26% decrease from the 42 registered in 2024. Companies such as GDAC, ProBit, Huobi Korea, and Bitrade are among those that have been delisted.
As indicated by accounts, a few stages have been prohibited from the country’s enlistment framework because of their inability to refresh their enrollment data expeditiously. As well as this, there are business hindrances. Toncoin (TON) Value Forecast for March 26th
