Wu said that 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, 3 companies had obvious deficiencies in guiding users and only contacted users with assets exceeding 1 million won (about 732 US dollars).