South Korea's FIU Requests Blocking of Two Unregistered Virtual Asset Operators

October 30 — According to Yonhap News Agency, South Korea's Digital Asset Exchange Alliance (DAXA) reported Eizis Ventures, TetherMax and SuperTrust on suspicion of violating the Specific Financial Information Act by operating unregistered virtual asset businesses. The Korea Financial Intelligence Unit (FIU) subsequently requested the Korea Communications Standards Commission to block domestic access to TetherMax and SuperTrust; Eizis Ventures was not included in the blocking list because it has no standalone website or mobile app.

Under current law, operating a virtual asset business without registration is punishable by up to five years in prison or a fine of up to 50 million won; the same applies to offshore operators that serve Korean users. With this measure, the number of unregistered virtual asset operators reported to investigative authorities rose to 47.