From Cointelegraph

March 21, 2025 9:29:00 AM:

South Korean authorities are investigating crypto exchanges for not following regulations, considering blocking access to those that don’t comply. Exchanges must report as virtual asset service providers under the Specified Financial Information Act. KuCoin is on the list, and the regulator is consulting with related agencies to enforce sanctions.

South Korean regulators are cracking down on exchanges that provide services to South Koreans without proper reports. Exchanges on the list allegedly marketed to Korean investors without following compliance processes. KuCoin stated they prioritize compliance for the industry’s growth. Failure to report to the FIU can lead to criminal and administrative penalties.

The FIU is reviewing measures to block access to non-compliant exchanges. They are consulting with the Korea Communications Standards Commission to determine how to enforce these measures. South Korean exchanges are also under scrutiny for financial misconduct rumors, such as Bithumb’s former CEO embezzling funds to buy an apartment and intermediaries getting paid to list projects. Upbit demanded transparency from media reports.

Read more at Cointelegraph: South Korea to block non-compliant crypto exchanges