MarketPR
South Korea's Digital Asset eXchange Alliance (DAXA), working alongside registered Virtual Asset Service Providers (VASPs), has identified 12 illegal virtual asset businesses in its first joint enforcement sweep.
The unregistered operators ran over-the-counter (OTC) desks charging fees up to 62 times the going rate at licensed domestic exchanges, according to a report by Dailian. DAXA has referred its findings to law enforcement.
The 62x Fee Gap: What Unregistered OTC Desks Actually Cost The 62x figure is the mechanism worth examining.
Regulated exchanges in South Korea compete on market-rate fees; an unlicensed OTC desk charging that multiple is not competing on service — it is extracting a premium from clients who either cannot access compliant platforms or are unaware of the difference.
Keep reading