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South Korean exchange Bithumb has resumed deposit and withdrawal services for a number of cryptocurrencies after the recent hack. Another major Korean exchange, Upbit, has released an audit report showing more crypto and cash reserves than needed to pay customers. Meanwhile, all customer deposits at Korbit will now be held by a bank. Also read: Yahoo!…
A possible ICO scam is under investigation in South Korea after a much-publicized shipwreck attracted the suspicions of local authorities. Sunken Treasures As reported by local outlet Korea Joongang Daily on August 1, 2018, Seoul-based Shinil Group is facing the heat as a critical figure in the scam. Earlier in July 2018, Shinil allegedly promised…
Days after marking its first-year anniversary, leading exchange Binance is reportedly poised to enter South Korea. Seeing more than $600 million worth of cryptocurrency traded every day, the South Korean market is the fifth-most active in the world. While Binance — the world’s largest exchange by trade volume — is yet to issue an official…
Local publications reported that the government of South Korea finalized plans to legitimize the cryptocurrency exchange market and the blockchain sector with a newly created regulatory framework. Initially, local financial authorities will begin with an imposition of a new legislation that will recognize cryptocurrency exchanges as regulated financial institutions and brokerages. Local cryptocurrency exchanges like…
Joyce Kim, co-founder of $3.5 billion blockchain network Stellar and cryptocurrency hedge fund managing partner at SparkChain Capital, said in an interview with Chosun that 99% of blockchain sector of investors are interested in short-term profits rather than the technology. At a cryptocurrency conference covered by mainstream media and publications like Chosun and JoongAng, Kim…
The cryptocurrency market has swung violently back into the red due to a series of regulatory movements from Asia, spooking skittish market participants. Bitcoin and Ethereum plummeted by almost 10% as Japanese regulators crack down on exchange action. Crypto markets are bleeding red subsequent to a Japanese financial watchdog move that saw business improvement orders…
Following the alleged hacks of South Korean crypto exchanges, the government has formally launched an investigation into the cause of the hacks. The authorities will also perform security checks on all crypto exchanges’ systems. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Government’s Response The South Korean government announced on Wednesday, June 20, that it…
Following multiple hack reports, the South Korean government explains how it will strengthen the regulatory framework for cryptocurrency exchanges. A bill has already been submitted which imposes multiple new obligations on crypto exchanges. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Korean Government’s Solution Following recent reports of multiple security breaches at cryptocurrency exchanges,…
International financial authority Financial Action Task Force (FATF) is expected to collaborate with Japan, the second largest cryptocurrency market behind the US, to introduce unified cryptocurrency regulations in the upcoming months. Japan Concerned With Anonymous Cryptocurrencies Last month, the Japanese Financial Services Agency (FSA) encouraged leading economies in the G20 to adopt unified policies regarding…
A South Korean police department is alleging the crypto margin trading offered by exchange Coinone is in effect illegal gambling.
