ChainThink report, on October 30, the Financial Intelligence Unit (FIU) of South Korea requested the Korea Communications Commission to block access to TetherMax and SuperTrust within South Korea, including terminating their services.

On the same day, the Digital Asset Exchange Association (DAXA) referred Aegis Ventures, TetherMax, and SuperTrust for investigation, citing suspected violations of the Act on Special Financial Information and failure to register as operators of virtual asset businesses.

Aegis Ventures was excluded from the FIU's blocking request due to its lack of an independent website or mobile application.

Operators who fail to register their virtual asset business activities may face up to five years in prison or a fine of KRW 50 million; this regulation also applies to foreign entities operating toward South Korean residents. The FIU stated that unregistered operators fall into regulatory blind spots and could be exploited for money laundering purposes.

In June this year, DAXA, in collaboration with compliant industry players, conducted an investigation revealing that the average transaction fee charged by seized platforms ranged from 1.5% to 10%, approximately 62 times higher than the average fee of around 0.16% observed on South Korea’s five major KRW-denominated exchanges.