Financial regulators in South Korea released an update on Dec. 4 asking users to report any unlicensed cryptocurrency exchanges offering services to users in the region. 

The Digital Asset Exchange Association (DAXA) and the Financial Intelligence Unit (FIU) of South Korea collaborated on the initiative. DAXA includes five of the major virtual asset exchanges operating in the country, such as Upbit, Bithumb, Coinone, Korbit and Gopax.

According to the regulators, the goal of receiving these reports is to find domestic and foreign virtual asset business operators targeting Korean citizens and not working per Article 7 of the Specific Financial Information Act.

Reports will first be reviewed…

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