South Korean financial authorities are planning sanctions against crypto exchanges operating illegally in the country, Businessavisen Hankyung reported Friday.

Financial Intelligence Unit (FIU) classified a number of exchanges that are not registered as virtual asset providers (VASPs) as the target of sanctions, according to the report.

The exchanges that are targeted – Bitmex, Kucoin, Coinw, Bitunix and KCEX – have been shown to serve Korean -language sites without reporting to FIU. For that reason, they are classified as illegal companies in accordance with the rules of the country.

“We are currently undergoing blocking access to non -reported overseas exchanges that provide services to domestic investors through consultation with Korea Communications Standard Commission,” a FIU official said in accordance with the report.

“We organize injury cases and related data to strengthen communication between the authorities, and we expect to see concrete measures taken within this year.”

Bitmex, Kucoin and Coinw did not respond to Coindesk’s request for comment.

Last month, the South Korean crypto exchange upbit was prohibited from giving new customers the opportunity to transfer assets to its platform for three months due to non -compliance with its obligations as a regulated provider.

Read more: Crypto Exchange Bithumb Raided by South Korean prosecutors over the assertions: Report