Seoul Cracks Down on Unregistered Crypto Operators as FATF Pressure Mounts

South Korea's Financial Intelligence Unit (FIU) has referred 40 unregistered cryptocurrency operators to police authorities, further tightening the country's grip on unauthorized crypto operations.

The referral is part of Seoul's efforts to crack down on foreign exchanges targeting South Korean users and push for international crypto regulations through the Financial Action Task Force (FATF).

According to South Korea's law, all platforms carrying out crypto operations within the country must be certified and registered with the FIU. However, only 28 organizations have fulfilled these criteria, leaving many others operating illegally.