South Korea's Anti-Money Laundering Authority Flags 16 Crypto Firms for Operating Without Registration

The Korea Financial Intelligence Unit (KoFIU), part of South Korea's Financial Services Commission (FSC), said some firms had advertised crypto and offered services to Koreans without obtaining the requisite registration. The firms it said were conducting "illegal business activities" are KuCoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex and Pionex. The country's registration requirement for crypto firms took effect September last year with the enactment of the Financial Transaction Reports Act. Efforts to crack down on the industry have intensified following May's fall of Terraform Labs, founded by Korean native Do Kwon.