**South Korea Tightens Crypto Regulations**
South Korean authorities are ramping up efforts to regulate crypto exchanges, focusing on those operating without proper registration. The Financial Intelligence Unit (FIU) is investigating platforms like KuCoin for allegedly serving Korean users without complying with the Specified Financial Information Act. Exchanges must report as Virtual Asset Service Providers (VASPs) to avoid sanctions, including potential access blocks.
Meanwhile, domestic exchanges like Bithumb face scrutiny over financial misconduct allegations. Prosecutors recently raided Bithumb amid suspicions of embezzlement by its former CEO.
South Korean authorities are ramping up efforts to regulate crypto exchanges, focusing on those operating without proper registration. The Financial Intelligence Unit (FIU) is investigating platforms like KuCoin for allegedly serving Korean users without complying with the Specified Financial Information Act. Exchanges must report as Virtual Asset Service Providers (VASPs) to avoid sanctions, including potential access blocks.
Meanwhile, domestic exchanges like Bithumb face scrutiny over financial misconduct allegations. Prosecutors recently raided Bithumb amid suspicions of embezzlement by its former CEO.