Financial authorities have notified foreign virtual currency exchanges that operate for Koreans, including Binance, that they must report it by September.
Failure to report will suspend operations and impose sanctions such as fines. So far, none of the foreign exchanges have met the reporting requirements, requiring caution from those who use these exchanges.
The Korea Financial Intelligence Unit (FIU) under the Financial Services Commission announced on the 22nd that 27 foreign virtual currency exchanges should be reported in accordance with the Specific Financial Information Act by September 24.
FIU judged that 27 exchanges are operating for Koreans. Even if no notice is received this time, foreign virtual currency exchanges operating for Koreans will be included in the reporting list.
FIU plans to take measures such as blocking access to the site to prevent illegal operations if the foreign virtual currency exchange continues to operate without reporting it after Sept. 25.
Reporter Lee Ji-sun stockmk2020@gmail.com
