South Korea's Financial Commission: The overseas Crypto Assets exchanges KCEX and QXALX have illegal operating activities and have been referred to the investigative authorities.

[South Korea Financial Commission: Overseas crypto asset exchanges KCEX and QXALX are engaged in illegal operations, and the case has been referred to investigation authorities] The Financial Intelligence Unit (FIU) under the South Korean Financial Commission stated on the 7th that it has confirmed illegal operations by unreported overseas virtual asset operators KCEX and QXALX, and has reported the matter to investigation authorities. According to current laws, virtual asset operators conducting business within South Korea must report to the FIU and implement information protection management systems (ISMS) and other related measures. The two exchanges that were seized had engaged in business activities illegally without making a report. FIU has reported its illegal activities to the investigation authorities that day and plans to take measures to block access to its website and mobile application within South Korea.