South Korea just dropped a blueprint for how regulators actually hunt unregistered exchanges 🎯
FSC isn't playing the "where's your HQ" game anymore. They're tracking 3 red flags:
1. Korean language interface
2. Marketing campaigns targeting Korean users
3. KRW payment rails
Hit all 3? You're getting blocked. 27 offshore platforms already nuked.
The playbook is spreading. If your CEX runs Thai promos, Thai UI, or THB deposits without local licensing, you're probably on someone's radar.
Regulators learned: jurisdiction shopping doesn't work when you're farming local retail. The net is tightening.
FSC isn't playing the "where's your HQ" game anymore. They're tracking 3 red flags:
1. Korean language interface
2. Marketing campaigns targeting Korean users
3. KRW payment rails
Hit all 3? You're getting blocked. 27 offshore platforms already nuked.
The playbook is spreading. If your CEX runs Thai promos, Thai UI, or THB deposits without local licensing, you're probably on someone's radar.
Regulators learned: jurisdiction shopping doesn't work when you're farming local retail. The net is tightening.