Odaily Planet Daily News South Korean financial authorities recently investigated some virtual asset service providers (VASPs) that are closing 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 that were closed (Coinbit, Cashierest, Huobi Korean, ProBit, Ten&Ten, Hanbitco, Coin&Coin) failed to properly return user assets. In addition, there are 3 companies (Oasis, B-Trade, Bikmon) that have obvious deficiencies in guiding users and only provide telephone guidance to users with assets exceeding 1 million won (about US$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. "If we find any illegal acts such as arbitrary misappropriation of user assets and failure to return them, we will take strict measures such as reporting and filing a complaint with an investigation agency. In addition, we will pursue system improvements to prevent damage to users due to business closures. The Financial Intelligence Agency plans to quickly complete the revision of the regulatory provisions of the Specific Financial Information Act, requiring operators to prepare and operate business processing procedures related to business termination in advance." (Yonhap News Agency)