South Korea has finally taken action; over 40 illegal platforms have been handed over. Retail investors, be more cautious.

According to Newspim, the Financial Intelligence Unit (FIU) under the Korea Financial Services Commission recently issued a special warning regarding unreported illegal cryptocurrency businesses (virtual asset service providers) that lure investors with claims of "guaranteed high returns" and "global listings." The FIU revealed that more than 40 unreported illegal crypto companies have been reported and forwarded to judicial authorities so far. According to local laws, whether domestic or overseas projects, as long as they provide trading or intermediary services to residents within South Korea, they must obtain Information Security Management System (ISMS) certification and report to the FIU; otherwise, they are considered illegal.