The Financial Intelligence Analysis Unit (FIU) under the Korean Financial Commission said on the 7th that it has confirmed the illegal business practices of undeclared overseas virtual asset operators KCEX and QXALX, and has notified the investigation authorities of the matter.
According to the current law, to conduct business as a virtual asset operator in South Korea, it is necessary to declare to the FIU and install relevant measures such as information protection management system (ISMS). The two exchanges seized this time carried out illegal business activities without declaring.
The FIU has informed the investigation authorities of its illegal activities on the same day and plans to take measures to block access to its website and mobile applications in South Korea.
South Korean Financial Commission: Overseas cryptocurrency exchanges KCEX and QXALX have illegal business practices and have been handed over to the investigation authorities
2025-08-11 02:20:56
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