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DAXA Refers Four Unregistered Foreign Crypto Exchanges to Police

Technology Services · Internet Software/Services · yonhap_finance · 2026-09-01

The Digital Asset Exchange Alliance (DAXA) has reported four unregistered overseas crypto exchanges to South Korean police for illegal domestic operations.

What Happened

Regulatory Action: The Digital Asset Exchange Alliance (DAXA) has referred four unregistered foreign cryptocurrency exchanges to the police for operating illegally in South Korea. These entities failed to comply with the Act on Reporting and Using Specified Financial Transaction Information.

Evidence of Illegal Activity: Investigations revealed that these platforms actively targeted Korean users by providing official Korean-language services and displaying prices in Korean Won. Such activities were conducted without the necessary registration with the Financial Intelligence Unit.

Investor Risks: Unregistered exchanges lack robust anti-money laundering protocols and user protection mechanisms. DAXA warned that users face significant risks, including potential withdrawal freezes or hacking incidents, with little recourse for recovery.

Compliance Enforcement: DAXA officials emphasized that any entity targeting domestic users must adhere to local laws, regardless of where their servers or headquarters are located. The organization plans to continue monitoring the market to protect local investors.

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