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>>South Korean agencies DAXA and VASPs have exposed 12 illegal cryptocurrency operators that are allegedly charging exorbitant fees, up to 62 times the standard rate.

South Korean agencies DAXA and VASPs have exposed 12 illegal cryptocurrency operators that are allegedly charging exorbitant fees, up to 62 times the standard rate.

crypthub

6/10/2026, 3:01:00 AM

Illegal Crypto Operators Uncovered

South Korea's Digital Asset eXchange Alliance (DAXA) and registered VASPs conducted a joint investigation that identified 12 illegal virtual asset businesses. These unauthorized operators were found running over-the-counter (OTC) exchanges outside the legal framework. The findings were reported to law enforcement, highlighting a significant breach of national financial regulations.

Exorbitant Fees and Investor Risks

The illegal entities were charging fees up to 62 times higher than those at regulated domestic exchanges. Operating without proper oversight, these platforms expose investors to major financial risks and potential fraud. Unlicensed markets often lack basic consumer protections, making them highly risky choices for traders.

Strengthening Market Compliance

This crackdown underscores South Korea's ongoing effort to regulate its volatile crypto market. DAXA is working to enforce compliance with strict virtual asset laws by monitoring suspicious activity. The authorities are sending a clear signal that regulatory oversight is intensifying and non-compliance will not be tolerated.