South Korean Exchanges Facilitate $60M in Transactions with Unregistered Overseas Platforms

A new study by Hansung University's Blockchain Research Institute has shed light on the extent of unregistered cross-border cryptocurrency activity in South Korea.

The research reveals that over 87,000 deposit and withdrawal transactions took place between January and May this year, totaling approximately $60.2 million.

Notably, a significant majority of these transactions were processed through two high-risk platforms: Tapbit and CoinMii.

Built on decentralized or peer-to-peer models, these platforms often operate outside the reach of local regulators, making it challenging to monitor and shut them down.

The study's findings underscore a persistent challenge in enforcing rules against foreign entities operating without local registration.

South Korea has one of the most comprehensive regulatory frameworks for cryptocurrency in the world, but the study highlights a need for enhanced cooperation between domestic regulators and international bodies to track and curb unauthorized cross-border crypto activity.