Editor's PiCK
FSC detects two overseas unregistered virtual asset service providers
Summary
- The Financial Services Commission (FSC) announced the detection of two overseas virtual asset service providers operating unregistered in Korea.
- These providers were found to be conducting illegal business targeting Korean users without Information Security Management System (ISMS) registration.
- The FIU stated that it will continue with domestic access blocking measures and is planning further inspections and actions.
The Financial Services Commission (FSC) has detected two overseas virtual asset service providers that continued to operate in Korea without registration and has reported the relevant information to investigative authorities.
On the 8th, the Korea Financial Intelligence Unit (KoFIU), an affiliate of the FSC, announced that it had identified that overseas virtual asset service providers KCEX and QXALX had been conducting illegal business targeting domestic users without Information Security Management System (ISMS) registration. After identifying these illegal activities through ongoing monitoring and user reports, they notified investigative authorities.
FIU also plans to simultaneously implement measures to block domestic access to the websites and mobile apps of these providers. The Digital Asset Exchange Joint Consultative Body (DAXA) has also launched a fact-finding investigation based on related reports.
The FIU stated, "We will continue to work in cooperation with relevant agencies to monitor unregistered illegal business activities and take actions to protect users and prevent money laundering."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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