Crypto Crackdown in South Korea: Upbit Suspended, Bithumb Investigated, Overseas Exchanges Face Action
Share:
Predictions Markets
See what traders are focused on
- South Korea’s FIU is cracking down on unregistered overseas crypto exchanges by blocking access to their platforms.
- Upbit’s South Korean partner Dunamu was served a three-month suspension in late February.
- The Bank of Korea is not interested in a Strategic Bitcoin Reserve and has never been.
South Korea’s Financial Intelligence Analysis Unit (FIU) is significantly increasing its enforcement on cryptocurrency exchanges, both within the country and operating internationally. With regulatory compliance under intense scrutiny, the FIU has initiated actions against multiple trading platforms, signaling a clear and strict stance against crypto-related service providers.
The FIU is also taking decisive measures against unregistered overseas exchanges, including prominent names like BitMEX and CoinW, citing violations of South Korea’s Specific Financial Transaction Information Reporting and Use Act.
Authorities plan to block access to these non-compliant platforms for Korean users, a move aimed at curbing unregulated cryptocurrency trading. Reports indicate that another overseas exchange was also targeted in this action.
Why is South Korea’s FIU Cracking …
The post Crypto Crackdown in South Korea: Upbit Suspended, Bithumb Investigated, Overseas Exchanges Face Action appeared first on Coin Edition.
Read More
Bitwise Reports Third Consecutive Crypto Market Decline as Tokenized Assets Reach Record Highs
