On October 30, South Korea’s Financial Intelligence Unit (FIU) requested that the Korea Communications Standards Commission block domestic access to TetherMax and SuperTrust. Earlier, the Digital Asset eXchange Alliance (DAXA), a joint consultative body of South Korean digital asset exchanges, reported Eizis Ventures, TetherMax, and SuperTrust on suspicion of operating an unregistered virtual asset business in violation of the Act on Reporting and Using Specified Financial Transaction Information. Eizis Ventures was not included in the blocking request because it has no independent website or mobile app.
Before the measures, all three were operating without registration. Following the measures, domestic access to TetherMax and SuperTrust will be blocked, while Eizis Ventures will only be subject to an investigation. Operating an unregistered virtual asset business is punishable by up to five years in prison or a fine of up to 50 million won. The same penalties apply to overseas operators serving South Korean customers. The total number of unregistered operators reported to investigative authorities has risen to 47.
Before the measures, all three were operating without registration. Following the measures, domestic access to TetherMax and SuperTrust will be blocked, while Eizis Ventures will only be subject to an investigation. Operating an unregistered virtual asset business is punishable by up to five years in prison or a fine of up to 50 million won. The same penalties apply to overseas operators serving South Korean customers. The total number of unregistered operators reported to investigative authorities has risen to 47.
