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Crypto, Financial Crime, Regulatory

South Korea’s FIU targets 16 foreign crypto firms operating without licences; urges customers to practice ‘extra caution’

By Elizabeth Hearst for AMLi

The Korea Financial Intelligence Unit (KoFIU) has targeted 16 foreign crypto firms it says have been operating without licences in the country.

In a statement, the KoFIU said it had notified illegal business activities of 16 “unregistered” VASPs to the country’s investigative authority, and urged crypto users to practice “extra caution” in order to “avoid incurring damages” that may result from transactions.

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