South Korean Intelligence Service Informs Crypto Exchanges About Cyberthreats
The South Korean state intelligence agency is now providing crypto trading platforms with information about attempts to breach their cybersecurity. The help for the country’s digital asset exchanges comes amid growing threats, local media reported. Intelligence Service Offers Cybersecurity Assistance to Major South Korean Crypto Exchanges South Korea’s National Intelligence Service (NIS) has started to alert the country’s major cryptocurrency exchanges about hacking attempts as threats of this nature are on the rise, the Yonhap news agency reported, quoting an....
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Overseas crypto exchanges marketing to Koreans will be blocked if they fail to comply with new South Korean regulations. The country’s anti-money laundering body has sent a notice to a number of foreign trading platforms warning them a registration is mandatory in order to provide services to Korean residents. Korean Financial Intelligence Unit Notifies Foreign Crypto Exchanges of Registration Obligations Access to foreign-based cryptocurrency exchanges can be denied and the platforms may face criminal investigations in South Korea if they don’t comply with the country’s....
The South Korean financial intelligence unit is taking action against 16 foreign cryptocurrency exchanges for operating illegally in the country. “For illegal business activities of unregistered entities, maximum of 5 years of imprisonment or up to KRW 50 million of fines can be imposed,” the regulator said.
16 Foreign Crypto Exchanges Flagged by South Korean Regulator
South Korea’s top financial regulator, the Financial Services Commission (FSC), announced Thursday that the country’s financial intelligence unit (KoFIU) has notified investigative....
The deadline for crypto exchanges and service providers in South Korea to meet requirements to stay open under the new regulation has passed. Twenty-nine cryptocurrency exchanges met the deadline to continue operations but only four of them can offer trading in Korean won.
New South Korean Crypto Regulation in Effect
The Act on Reporting and Using Specified Financial Transaction Information requires crypto exchanges to obtain Information Security Management System (ISMS) certification and submit a report to the country’s Financial Intelligence Unit (FIU) by midnight on....
The FSC is in dialogues with South Korea’s crypto exchanges amid expanded regulatory oversight. Small and medium-sized exchanges in South Korea had a chance to express some of their grievances with the government during a recent meeting with financial regulators.According to a report by South Korean news outlet D.Street, the Financial Services Commission (FSC) convened a closed-door meeting with 20 crypto exchanges on Thursday.Inside sources quoted by D.Street say the closed-door session was a parley between the FSC’s Financial Intelligence Unit (FIU) and the 20 crypto exchanges where the....
Cryptocurrency exchanges in South Korea have until midnight on Friday to register with financial authorities in order to continue operating legally. Only 10 digital asset trading platforms have already submitted their documents to the Korean anti-money laundering body. Compliance Deadline for New Korean Crypto Regulations Expires Friday Registering with Korea’s Financial Intelligence Unit (FIU) is a key requirement for both local and foreign crypto exchanges providing services to Korean investors under the tougher new regulations coming into force after Sept. 24. A total of 10 out....