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Tony Chung
@jayc_BM
Head of BD of @with_blockmedia Korean Crypto Institution, Regulation
参加 May 2024
1.9K フォロー中    2.1K ファン
Two Korean regulators are publicly disagreeing over why Binance isn't blocked, while OKX and Bybit already are. FIU's position: Binance is excluded from review because it stopped Korean-language service and marketing back in August 2021, right after Korea's amended financial information act was announced, so it doesn't count as actively targeting Korean users. The broadcast regulator's response was blunt, excluding a major exchange just because it doesn't offer Korean-language service raises a fairness problem, especially against the backdrop of OKX and Bybit getting cut off from Google Play this month despite similar accessibility. The bigger disagreement is about blocking methodology generally. FIU argued unregistered offshore exchange sites aren't just an unlicensed-operation issue, they're tied to investment fraud targeting young people and illegal currency exchange, serious enough to warrant active blocking. FIU also flagged a specific bureaucratic gap: when police investigations stall because site operators can't be located, the broadcast regulator's internal rule to suspend review during active investigations ends up creating an indefinite regulatory blind spot. The broadcast regulator pushed back on two fronts. First, procedurally, they can't lift a suspension without official confirmation from FIU on investigation status, so the freeze continues by rule. Second, substantively, blanket-blocking every unregistered site risks becoming overreach. Their proposed fix: prioritize blocking based on confirmed user harm, using the same evidentiary standard already used for fraud sites, police crime recognition reports or internal investigation documentation, applied consistently to offshore crypto exchange sites too. FIU said it would review internally and report back. This is the same regulatory apparatus that just pulled OKX and Bybit from Google Play essentially admitting it doesn't have a coherent, consistent standard for who gets blocked and why, Binance staying accessible looks less like a deliberate policy choice and more like a technicality nobody has revisited since 2021.
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