TechFlame reports that the Financial Intelligence Analysis Service (FIU) under the Financial Services Commission of Korea said on the 7th that it has confirmed that undeclared overseas virtual asset operators KCEX and QXALX are operating illegally and have reported the matter to the investigating authorities. According to current law, to conduct business as a virtual asset operator in Korea, it is necessary to report to the FIU and be equipped with relevant measures such as an information protection management system (ISMS). The two exchanges that were seized this time carried out illegal business activities without making a declaration. The FIU reported the violation to the investigating authorities on the same day, and plans to take measures to block access to its website and mobile apps within South Korea.