On December 4, regulators in South Korea advised individuals to report any unlicensed cryptocurrency exchanges operating in the region.
The Digital Asset Exchange Association (DAXA) and the Financial Intelligence Unit (FIU) of South Korea worked together on this effort, which involves five major virtual asset exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax.
The purpose of these reports is to locate both domestic and foreign virtual asset businesses that are targeting Korean citizens and not complying with Article 7 of the Specific Financial Information Act.
Reports will be reviewed by DAXA before being passed on to the FIU, which will determine if the operator needs to be notified.
An official from DAXA warned that the FIU will take necessary action, including notifying the investigative agency, if operators continue to operate without proper licensing.
