The South Korean Financial Services Commission has shut down apps from cryptocurrency exchanges like KuCoin and MEXC, which were unregistered. The bans, effective March 25 and April 11, highlight escalating regulatory scrutiny in the crypto sector.
The FSC reiterated that all foreign virtual asset service providers must register with the Financial Intelligence Unit. Non-compliance could result in significant penalties or incarceration, reflecting South Korea’s tightening grip on the cryptocurrency market.
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