South Korea’s top financial regulator, the Financial Services Commission (FSC), is taking stringent action against 16 foreign Crypto exchanges for operating illegally in the country. The 16 entities include Kucoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, Coinw, Coinex, AAX, Zoomex, Poloniex, BTCEX, BTCC, Digifinex, and Pionex. The regulator is likely to impose maximum of 5 years of imprisonment or up to KRW 50 million of fines for illegal business activities