FIU "All unreported coin exchanges are closed..."36 places in total".

The Financial Intelligence Unit (FIU) under the Financial Services Commission said yesterday (26th) that all 36 cryptocurrency exchanges that were not reported have closed their operations.

According to the Financial Information Analysis Institute, there are 13 places that have applied for ISMS certification but have not been obtained and 23 places that have not even applied for ISMS certification at all.

Under the revised Special Financial Transaction Information Act (Special Act), virtual currency exchanges that have not reported to the authorities will not be able to operate from the 25th due to requirements such as obtaining ISMS certification and securing real-name accounts until the 24th.

The four major exchanges, Upbit, Bithumb, Coinone, and Korbit, secured all ISMS authentication and real-name accounts to operate the won market (selling coins in won), while the other 25 reported only coin markets (selling coins with coins).

Meanwhile, if unreported business activities are detected, they can face a fine of up to 50 million won or imprisonment for up to five years.