Cryptocurrency transactions with 16 exchanges banned in Korea — thousands of users lost money

The South Korean government has closed access to 16 cryptocurrency exchanges and banned other crypto platforms from serving addresses associated with exchanges, which has resulted in thousands of users losing access to their cryptocurrency funds.

As it has become known, the list of foreign cryptocurrency exchanges that, according to representatives of the Financial Services Commission, do not have proper registration to operate in the country, includes: KuCoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex , and Pionex. Starting from August 28, users are prohibited from conducting transactions on these exchanges and withdrawing their own funds, and other cryptocurrency platforms are prohibited from cooperating with them and servicing addresses associated with the banned exchanges.

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 (USD 37,900). They may also be banned from registering a business in South Korea for a certain period of time.