According to ChainCatcher, according to Yonhap News Agency, South Korean financial authorities recently investigated some virtual asset service providers (VASPs) that were shutting down or suspending operations and found serious violations. During the on-site inspection from May 20 to 23, the Financial Intelligence Unit (FIU) and the Financial Supervisory Service found that 7 of the 10 VASPs inspected failed to properly return user assets.
In addition, three companies were found to be significantly deficient in guiding users, only contacting users with assets exceeding 1 million won (about $732). These VASPs have also been criticized for restricting users from withdrawing funds to overseas exchanges or personal wallets and charging high fees in the process. South Korean authorities have made it clear that they will take strict measures against these violations.
