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South Korea's Financial Watchdog Warns Foreign Exchanges Must Register in 2 Months
The Korea Financial Intelligence Unit is pushing for exchanges to register in line with new anti-money laundering laws.
Updated Sep 14, 2021, 1:29 p.m. Published Jul 22, 2021, 7:07 a.m.
Foreign crypto exchanges that have customers in South Korea must register with the country's financial watchdog in the next two months or face blocked access and possible criminal inquiries.
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- The Korea Financial Intelligence Unit (KFIU) is pushing for exchanges to register in line with the country's new anti-money laundering laws, according to a report by Yonhap News on Thursday,
- An updated Financial Transactions Reports Act requires all crypto exchanges to register with the country’s regulators by Sept. 24 and obtain a certificate on information security.
- Yonhap cites officials of the Financial Services Commission who said that no foreign crypto exchanges had obtained a certificate so far, echoing previous statements from its chair in April.
- South Korea has been pushing for tougher legislation against virtual asset service providers, including exchanges.
- The country doesn't recognize crypto as legal assets, even though it plans to start collecting tax generated by crypto revenue next year.
Read more: South Korean Banks to ‘Review’ Partnerships With Crypto Exchanges
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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