The South Korean government has requested Google to restrict access to apps from 17 cryptocurrency exchanges not registered in the country.
Ban on Unregistered Platforms
According to the South Korean Financial Services Commission, these exchanges violated the Special Financial Transactions Act, requiring all virtual asset operators operating in the country to register.
Sanctions and Cooperation
Registered exchanges are barred from transacting with unregistered ones. Violators may face penalties of up to five years in prison or fines up to 50 million Korean won. The FIU is also working with Apple Korea and the Korea Communications Standards Commission to introduce similar measures.
Listing Fee Allegations
Exchanges in East Asia have faced accusations of high listing fees for tokens. Projects reportedly paid significant sums to be listed on major platforms like Upbit and Bithumb; the exchanges have denied these allegations.
These measures are aimed at combating illegal activities and protecting users from online threats.
