The South Korean financial authorities provide for sanctions against the exchanges of crypto which operate illegally in the country, Hankyung reported on Friday.
The Financial Intelligence Unit (FIU) has classified a number of exchanges that are not registered as suppliers of virtual asset services (VSP) as targets for sanctions, according to the report.
The targeted exchanges – Bitmex, Kucoin, Coinw, Bitunix and KCEX – proved to operate websites in Korean language without showing off at the FIU. For this reason, they are classified as illegal companies, according to the regulations of the country.
“We are currently examining the blocking of access to uninformed abroad exchanges that provide services to national investors thanks to the Korea consultation of communication standards,” said a CRF official, according to the report.
“We organize cases of damage and related data to strengthen communication between the authorities, and we expect to see tangible measures taken during this year.”
Bitmex, Kucoin and Coinw did not respond to Coindesk’s comments.
Last month, it was prohibited to allow new customers to transfer assets to its platform due to the non-compliance of its obligations as a regulated supplier.
Read more: Crypto Exchange Bithumb Raided by South Korean prosecutors on allegations of embezzlement: report
