South Korea Reevaluates North Korea Trade Sanctions
Unification Minister Chung Dong-young recently informed lawmakers that Seoul is reviewing its unilateral sanctions (the May 24 Measures) that have frozen cross-border trade since 2010. This review comes amid a shifting international landscape and new humanitarian exemptions from the United Nations. These sanctions were originally imposed after the 2010 sinking of the ROKS Cheonan warship. […]
South Korea’s finance watchdog to sanction more ‘crypto’ exchanges
The Korea Financial Intelligence Unit (FIU) is preparing to impose significant sanctions on four major domestic cryptocurrency exchanges -Korbit, Gopax, Bithumb, and Coinone. The sanctions are a result of violations regarding anti-money laundering (AML) and “know your customer” (KYC) obligations. The FIU has conducted on-site inspections over the past 18 months and will process cases […]
China targets five U.S. subsidiaries of South Korea’s Hanwha Ocean
China sacntioned five of South Korean shipbuilder Hanwha Ocean’s U.S. subsidiaries. This step is escalating tensions with Washington over their alleged involvement in a probe into the Chinese shipping industry. The sanctioned subsidiaries are Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC and HS USA Holdings Corp., […]
Korea fines Chinese e-commerce platform Temu over deceptive promotions
Korea’s antitrust watchdog said it has fined Temu for misleading Korean consumers through deceptive promotional campaigns, marking the first regulatory sanction imposed on the Chinese e-commerce platform by the agency. According to Korea Times, The Fair Trade Commission said it has imposed a fine of 357 million won ($260,000) on Temu for violating the law […]
South Korea Plans Sanctions Against BitMEX, KuCoin and CoinW
South Korea plans to sanction unregistered crypto exchanges such as BitMEX, KuCoin and others for operating illegally without VASP licences. The Financial Intelligence Unit (FIU) has identified a number of exchanges that have not registered as Virtual Asset Service Providers (VASPs), a requirement under South Korean law. The exchanges facing potential sanctions include BitMEX, KuCoin, […]
South Korea lifts some sanctions against Russia
South Korea lifted sanctions imposed on Russia on some medical equipment. South Korean Ministry of Trade, Industry and Energy stated that sanctions deactivated as of 28 February. In the statement, it was stated that the pre-export licensing requirement for medical equipment was partially removed and a simpler document submission process was started. In this context, […]
South Korea Sanctions 15 Cyber Hackers Linked to North Korea’s Weapon Funding
South Korean government has announced it is imposing sanctions on 15 individuals linked to North Korea, accusing them of engaging in illegal cyber activities to steal money for the country’s weapons program. These sanctions are a response to the growing concerns over cyber theft and the role it plays in supporting North Korea’s pursuit of […]