Korea Financial Services Commission: Overseas cryptocurrency exchanges KCEX and QXALX have engaged in illegal business activities and have been handed over to the investigating authorities

According to Golden Finance, the Financial Intelligence Analysis Unit (FIU) under the Financial Commission of South Korea announced on the 7th that it has confirmed the illegal business activities of undeclared overseas virtual asset operators KCEX and QXALX, and has reported the matter to the investigating authorities. According to current laws, operating as a virtual asset operator within South Korea requires reporting to FIU and implementing relevant measures such as an Information Protection Management System (ISMS). The two exchanges seized this time illegally conducted business activities without declaration. FIU has reported its illegal behavior to the investigating authorities on the same day and plans to take measures to block access to its website and mobile applications within South Korea.