South Korea plans to impose sanctions on exchanges such as BitMEX and KuCoin

According to CoinDesk, South Korea's financial authorities are planning to sanction crypto exchanges such as BitMEX, KuCoin, CoinW, Bitunix, and KCEX that are not registered with the Financial Intelligence Unit (FIU) but provide Korean-language website services.

The FIU stated that the above exchange was not registered as a virtual asset service provider (VASP) according to regulations and is therefore considered an illegal operation.

Relevant officials said that discussions are under way with the Korea Communications Standards Commission to consider a plan to block access to these unregistered overseas exchanges, and specific measures are expected to be introduced within the year.