South Korea accuses 16 cryptocurrency exchanges of violating the law

The South Korean government plans to block citizens from accessing foreign cryptocurrency exchanges that are not properly registered to operate in the country. «The Financial Services Commission’s intelligence unit reports 16 illegal foreign crypto businesses and asks other government agencies to block access to the companies' local websites,» the agency said in a statement.

The South Korean government has released a list of foreign cryptocurrency exchanges that they believe are committing illegal actions. The list includes KuCoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex, and Pionex. Officials intend to report violations to the countries of origin of the companies and will try to isolate them from the rest of the local cryptocurrency sector if they do not receive the necessary permits.

According to South Korean law, people who engage in illegal business without registration face up to five years in prison or a fine of up to 50 million won ($ 37,900). They may also be banned from registering a business in South Korea for a certain period of time.