Gate News: On March 11, the Financial Intelligence Unit (FIU) of South Korea initiated sanctions against a certain cryptocurrency exchange. The reason is that the exchange was found to allow users to transfer funds to unregistered overseas trading platforms and failed to implement Know Your Customer (KYC) procedures. Sanctions may include a suspension of new customer services for up to 6 months, while deposits and withdrawals for existing users will not be affected. This penalty is a further blow to the exchange, which previously mistakenly sent out $40 billion worth of Bitcoin due to operational errors and is now also under investigation by advertising regulators. Also under FIU investigation are another exchange and a different trading platform. A competitor was also banned from onboarding new customers for 3 months last year due to similar violations and is currently challenging the ban through legal channels. A court ruling is expected in April.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Hong Kong SFC Investment Committee Warns Prediction Market Trading May Constitute Illegal Gambling
The Hong Kong SFC warns that prediction markets are speculative and not investment products, lacking regulatory protection. They involve gambling elements, potentially making them illegal. The committee urges the public to differentiate between investment and gambling.
GateNews3h ago
Elizabeth Warren Accuses SEC Chair Paul Atkins of Misleading Congress Over Enforcement Decline
Senator Elizabeth Warren accused SEC Chair Paul Atkins of misleading Congress about enforcement actions' decline. With only 456 new cases in 2025, concerns arise regarding the SEC's effectiveness and the regulatory landscape for cryptocurrency and market oversight.
GateNews6h ago
Sanctioned Exchange Grinex Hit by $13.7M Hack; Blames Foreign Intelligence Services
Grinex, a sanctioned crypto-ruble exchange, has halted operations due to a cyberattack that stole over $13.74 million in USDT. The attack is believed to involve state-level actors aiming to destabilize Russia's financial system. Grinex is cooperating with law enforcement but has no timeline for resuming services.
Coinpedia7h ago
Democratic Senators Question Lax AML Oversight of Major CEX Over $1.7B Iran-Linked Crypto Flows
Democratic senators are scrutinizing the Trump administration's oversight of a cryptocurrency exchange linked to $1.7 billion in Iranian transactions, questioning its AML controls and a lenient bank settlement on sanctions evasion.
GateNews12h ago
Figure Faces Short Seller Accusations Over Blockchain Integration Claims; FIGR Stock Down 53% From January Peak
Figure Technology Solutions faced allegations from Morpheus Research of overstating its blockchain technology use, resulting in a significant drop in share prices. Figure defended its operations, highlighting its digital asset features and strong performance metrics.
GateNews14h ago
Houston Crypto Fraudster Sentenced to 23 Years for $20M Meta-1 Coin Scam
Robert Dunlap, a Houston entrepreneur, was sentenced to 23 years in prison for a $20 million cryptocurrency fraud involving fake assets and deceptive practices, impacting over 1,000 victims. His case reflects a broader rise in crypto-related cybercrimes.
GateNews19h ago
