Virtual Business Registration D-2... Financial Services Commission Confirms Termination of KRW Market for 24 Virtual Exchanges

[Asia Economy Reporter Ji Yeon-jin] On the 22nd, Ko Seung-beom, Chairman of the Financial Services Commission, held the 'Joint Virtual Asset Business Operator Trend Inspection Meeting between the FSC and the FSS' and announced that they conducted daily inspections on the reporting status and business closure compliance of virtual asset operators during the Chuseok holiday.

As of the day before the virtual asset business operator reporting deadline on the 24th, six virtual asset operators including Upbit, Bithumb, Coinone, Korbit, and Flybit have submitted their reports to the Financial Intelligence Unit, and among them, only Upbit's report acceptance was decided.

Additionally, since 31 companies (21 trading companies and 10 others) are conducting preliminary consultations for report submissions, the FSC stated that most operators who have obtained Information Security Management System (ISMS) certification are expected to submit their reports.

The FSC and the FSS have operated a daily inspection team since the business closure announcement date of the virtual asset operators on the 17th of this month, checking daily announcements and business closure statuses. As a result, except for four companies with real-name accounts, it was confirmed that 24 companies with ISMS certification have announced the termination of their KRW market. Streamy (Gopax) provided a conditional closure notice.

The FSC explained that among 14 companies that applied for ISMS certification but did not obtain it, most have either announced business closure or already ceased operations. However, some operators were found to be operating without business closure notices until the 17th of this month, and information was immediately provided to related agencies such as the Office for Government Policy Coordination and the National Police Agency.

Chairman Ko said, "Users need to continuously check whether the virtual asset trading operators they use have obtained ISMS certification and the status of their reporting," adding, "there is a risk of damage if users use virtual asset trading operators that have not obtained ISMS certification, so users are urged to be especially cautious."