Cryptocurrency exchange Flipster is operating undeclared in South Korea, and experts have warned that withdrawals may not be possible if access to unregistered exchanges is blocked. According to an anonymous source, Flipster targeted South Koreans without registering with the country's financial authorities. According to the Specific Financial Information Act, overseas exchanges must register with the Financial Services Commission as virtual asset service providers (VASPs) if they provide Korean-language services, marketing and promotion, and support won trading and settlement to South Koreans.