South Korea's Review Committee Halts Blockade Review on 31 Illegal Crypto Exchange Apps

According to Lee Joo-hee, a Democratic Party lawmaker, on July 20, South Korea's Broadcast-Media-Communication Review Committee signaled it may issue another suspension decision on requests to block illegal overseas cryptocurrency exchange websites. The committee cited ongoing police investigations as grounds for the delay, citing regulations that allow suspension of review when related judicial or administrative proceedings are underway.

Meanwhile, the Financial Intelligence Unit (FIU) and the review committee have been shifting blame, with illegal exchanges facing no penalties. The FIU previously blocked 31 illegal crypto applications through Google and Apple (17 via Google, 14 via Apple), urging the committee to resume review. However, the two agencies have been in conflict since April 16 last year over jurisdiction, standards for illegality determination, and procedural clarity.