The Financial Intelligence Unit (FIU) within the South Korean Financial Services Commission (FSC) added 13 different exchanges to its illegal activity operation, which it started with MEXC, Phemex and Kucoin last week.
a local news site August 18 According to the information in the news dated last week, South Korea illegal advertising and promotion due to its activities To MEXC, Phemex and Kucoin this week against the investigation 13 added different exchanges and brokerage houses.
Not registered by the FIU 16 institution Private Financial Information Use of the law breach was charged with the investigation. The institutions subject to the accusation were given in the news as follows: Kucoin, MEXC, Phemenx, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex, Pionex.
of FSC For overseas brokerage houses and exchanges, marketing and promotional activities under the Special Use of Financial Information Act from FIU get approval has to. Also in Korean language support and Korean marketing activities also require FIU approval.
According to the information provided in the news, in case of violation of the Private Financial Information Act up to 5 years in prison or Fine of up to 50 million won (37,800USD) can be applied. Also, the company 5 years license and operate within the borders of Korea throughout banned.