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South Korea Blocks 16 Unregistered Crypto Exchanges

South Korea’s financial intelligence unit is cracking down on 16 cryptocurrency exchanges for alleged unregistered illegal activities.South Korean users may lose access to 16 cryptocurrency exchanges as local officials crack down on unlicensed foreign enterprises, according to a statement made by the Commission Financial Services (FSC).Accordingly, the FSC reported these platforms to the national investigative agency and requested to block domestic access to their websites. The exchanges included in the list include KuCoin, MEXC, Phemex, XT.com, Bitrue ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex, and Pionex.Officials identified the exchanges as ill-equipped since they lack the Information Security Management System (ISMS) accreditation, putting their users’ personal information in danger.