South Korea's Financial Intelligence Unit (FIU) has demanded blocking of domestic access to two unreported virtual asset operators, while DAXA has handed over three involved institutions for investigation.
52 minutes ago
According to Yonhap News Agency, South Korea’s Financial Intelligence Unit (FIU) ordered the Korea Communications Commission on October 30 to block domestic access to two unregistered virtual asset operators, including terminating their services. On the same day, the Digital Asset Exchange Association (DAXA) referred three entities—Aegis Ventures, TetherMax, and SuperTrust—for investigation over alleged violations of the Special Financial Information Act and unregistered virtual asset business operations. The FIU ordered blocks on TetherMax and SuperTrust; Aegis Ventures has no independent website or mobile application, so it was not included in the block request. Under current law, unregistered virtual asset operators face a maximum penalty of five years in prison or a fine of 50 million won, and the law also applies to overseas operators serving South Korean residents. The FIU noted that unregistered operators operate in regulatory blind spots and may be used for money laundering. In June this year, a joint investigation by DAXA and compliant operators found that the average transaction fees of the identified unregistered operators ranged from 1.5% to 10%, up to 62 times the average level of South Korea’s five major won-based crypto exchanges (0.16%).
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