Illegal OTC Virtual Asset Exchanges Proliferate... Police Launch Intensive Crackdown
DAXA Requests Police Investigations Into 12 Companies
The police have launched a crackdown on unregistered and illegal over-the-counter (OTC) virtual asset exchanges.
The National Office of Investigation at the Korean National Police Agency announced on June 15 that the Digital Asset eXchange Alliance (DAXA) had requested investigations into 12 companies on June 9. The police stated that, as illegal OTC trading of virtual assets for business purposes without proper registration is becoming increasingly prevalent, they plan to conduct a strict crackdown led by the cyber investigation units at the local metropolitan police agencies.
The police warned that transactions through illegal OTC virtual asset exchanges could put users' personal information at risk of leakage and could also be exploited as a means for money laundering or concealing criminal proceeds.
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The police explained that, with the Cyber Terror Response Team at their headquarters taking the lead, they would direct enforcement efforts by cyber investigation units at each local police agency. They also plan to establish and maintain an ongoing cooperation system, including information sharing with DAXA.
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