DAXA refers 4 unregistered offshore exchanges to police

The Digital Asset eXchange Alliance (DAXA) said it referred four unregistered offshore cryptocurrency exchanges to police on Aug. 31 after finding they had continued serving South Korean users without filing the required registration. According to The Asia Business Daily, the referral was aimed at addressing illegal domestic business activities by unregistered offshore exchanges that failed to comply with reporting requirements under Article 7 of a law on the reporting and use of specified financial transaction information.