South Korean financial authorities are planning to impose sanctions on crypto trading platforms such as BitMEX, KuCoin, CoinW, Bitunix and KCEX that are not registered with the Financial Intelligence Unit (FIU) but offer Korean-language website services. The FIU said the exchanges were not registered as virtual asset service providers (VASPs) as required and were therefore considered to be operating illegally. Officials said plans to block access to these unregistered overseas exchanges are being considered in consultation with the Korea Communications Standards Commission, and specific measures are expected to be introduced within the year.