The endeavor was a joint effort by South Korea’s FIU and the DAXA.
The authorities claim that they are collecting these records in order to identify exchanges.
On December 4th, South Korean financial authorities issued an update requesting that consumers disclose any unauthorized cryptocurrency exchanges providing services to customers inside the area.
The endeavor was a joint effort by the South Korean Financial Intelligence Unit (FIU) and the Digital Asset Exchange Association (DAXA). Upbit, Bithumb, Coinone, Korbit, and Gopax are five of the country’s most prominent virtual asset exchanges that are part of DAXA.
The authorities claim that they are collecting these records in order to identify local and overseas operators of virtual asset businesses that prey on Korean people in violation of Article 7 of the Specific Financial Information Act.
Severe Penalties
After DAXA reviews the reports, the findings will be sent to the FIU, which will then reply to DAXA with the operator’s
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