The list of blocked exchanges includes Kucoin, Mexc, Phemex, Xt, Biture, Coinw, Coinex, Zoomex, Poloniex, BTCC, Digifinex, Pionex, Blofin, Apex Pro, Coincatch, Weex and Bitmart. Users on the territory of the Republic of Korea can no longer update the installed applications and installing new ones, said FIU.
The ban is based on the law on the use of special financial information requiring the registration of any cryptocurrency site that provides services to citizens of South Korea.
The reasons for the decision to limit access are the risk of personal data leakage, the lack of reliable protection of users of unregistered exchanges, as well as the probability of tax evasion. Unregulated platforms can be used for financial fraud, announced in FIU.
The authorities called on citizens of the country to check the status of crypto -streaks on the official FIU website before using the services of sites.
Earlier, the Prosecutor’s Office of South Korea announced the creation of a separate unit of law enforcement agencies specializing in the investigation of cryptocurrency crimes and the fight against fraud.
Source: Bits
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