According to Wu, South Korea’s financial authorities recently investigated some virtual asset service providers (VASPs) that were shutting down or suspending operations and found serious violations. During on-site inspections 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, and only contacted users with assets exceeding 1 million won (about US$732).
