• The Financial Intelligence Unit (FIU) has reported the names of 25 domestic and foreign virtual asset service providers (VASPs) engaged in unregistered and illegal business activities to investigative authorities.

• In accordance with Article 10-20 of the Enforcement Decree of the Act on Reporting and Using Specified Financial Transaction Information of the Republic of Korea, DSRV is prohibited from engaging in business transactions with unregistered VASPs. Accordingly, we plan to restrict deposits and withdrawals of virtual assets related to these illegal exchanges as outlined below. Please take this into consideration when using our services.

• Enforcement Decree of the Act on Reporting and Using Specified Financial Transaction Information Article 10-20 (Actions by Virtual Asset Service Providers)

  • The “measures prescribed by Presidential Decree such as managing transaction records separately for each customer” as referred to in Article 8 of the Act shall include the following actions. <Amended Oct. 5, 2021>

    1. Managing transaction records separately for each customer

    2. Separating customer deposits from the VASP’s proprietary assets, as prescribed in Article 5-2(1)(3)(m)(1) of the Act

    3. Restricting transactions with customers who have not completed the verification procedures required under each subparagraph of Article 5-2(1) of the Act

    4. Refraining from business-purpose transactions with VASPs that have failed to fulfill registration or change reporting obligations under Article 7(1) and (2) of the Act

    5. Establishing and implementing standards to restrict transactions for the effective prevention of money laundering and terrorist financing, including the following:

       1. Brokerage, intermediation, or acting on behalf of the trading or exchange of virtual assets issued by a VASP or its related parties (as defined under Article 34(4) of the Enforcement Decree of the Commercial Act)

       2. Trading or exchanging virtual assets through a VASP by its executives or employees

       3. A VASP acting as the actual counterparty in brokering, intermediation, or acting on behalf of virtual asset transactions

    6. Other measures equivalent to subparagraphs 1 to 5, as prescribed and publicly notified by the Commissioner of the Financial Intelligence Unit to ensure transparent virtual asset transactions. See full regulation (Korean)

• List of Unregistered VASPs Subject to Transaction Restrictions
  (As of March 21, 2025 – 25 entities)

(* Bitunix and KCEX, which have been additionally listed on Upbit, are not included in the official list of entities notified by the FIU and are therefore not handled at this time.)

• Customers using our services must verify that the virtual asset service provider (VASP) they use is properly registered under the Act on Reporting and Using Specified Financial Transaction Information of the Republic of Korea, and is not designated by the Financial Intelligence Unit (FIU) as a prohibited entity for deposit or withdrawal transactions.

• Unregistered VASPs may not meet the registration requirements set forth by the Act and its Enforcement Decree. As such, they may expose customers to risks such as personal data breaches, hacking, and lack of AML (Anti-Money Laundering) oversight. There is a significant risk that such platforms could be misused as channels for money laundering.

• If deposits or withdrawals are made through any of the 25 exchanges publicly announced by the FIU as of March 21, 2025, DSRV may impose transaction restrictions in accordance with our Terms of Use. Please take caution when selecting your service providers.