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Majority of Korean crypto exchanges to shut down this month, insiders say
13.9.2021
Failure to meet South Korean regulators' new requirements is expected to wipe out tens of crypto exchange operators
South Korean Crypto Exchanges Plead for 6 Months of Regulatory Mercy
21.8.2021
Source: AdobeStock / Chee-Onn Leong
South Korean blockchain organizations have told regulators that it will be impossible for the nation’s crypto exchanges to meet a September 24 registration deadline and want six more months to prepare – although it looks like their pleas may have fallen on deaf...
Smaller South Korean Crypto Exchanges Begin to Shutdown, Suspend Services
3.8.2021
A number of smaller South Korean crypto exchanges have announced their imminent closure – throwing in the towel in their struggle to meet a fast-approaching regulatory deadline that is threatening to derail the nation’s crypto trading platform industry.
Per Joongang Ilbo, the latest exchanges...
Korean Regulator to Shut Down 11 Cryptocurrency Exchanges Ahead of Regulatory Deadline
3.8.2021
South Korea’s top financial regulator will shut down 11 cryptocurrency exchanges allegedly engaged in fraudulent bank account schemes, local media reported. Meanwhile, the deadline for all crypto exchanges to comply with the country’s regulation is drawing near and most of them have...
Korean Crypto Exchanges Consider Suing Government Over Banking Requirements
30.6.2021
All cryptocurrency exchanges in South Korea except the largest four may be unable to meet the bank account requirements needed to stay in business. A number of Korean crypto exchanges are considering suing the government and financial authorities, claiming that the country’s crypto law...
South Korean Crypto Exchanges Ready for Legal Fight Amid Closure Threats
28.6.2021
Source: Adobe/david_franklin
South Korean crypto exchanges are preparing lawsuits to sue the government or challenge it in the constitutional court if they fail to meet a September regulatory deadline and are obliged to close.
New regulations for crypto exchanges, which have already passed into...
Top South Korean Crypto Exchanges Purging Altcoins in Late-night Culls
18.6.2021
Multiple South Korean crypto exchanges have gone on token purges, culling a wide range of altcoins from their platforms – and following in the wake of the market-leading exchange Upbit, which has earmarked 30 coins for the ax.
As previously reported, Upbit’s unexpected move saw five coins removed...
South Korean crypto exchanges banned from handling coins they issued themselves
17.6.2021
Exchange tokens are falling under the scrutiny of South Korean regulators
Regulator Extends South Korean Crypto Exchanges’ AML Window by 6 Months
15.6.2021
South Korean crypto exchanges have been given a short extension in their race to get anti-money laundering (AML) protocols in place – although the nation’s top regulator has promised to place the industry under “intense scrutiny” in the months ahead.
The nation’s first piece of crypto-specific...
Bank account flows for South Korean crypto exchanges surge 40% since 2020
1.6.2021
Upbit exchange paid 10 times more in fees to South Korean internet bank K bank Q1 2021 than in the previous quarter
Hope for South Korean Crypto Exchanges as Bank Keen on Contract Renewal
28.5.2021
There may be a glimmer of hope at last for the South Korean crypto exchanges fearing for their future, with the neobank K-Bank reportedly set to renew its contract with the market-leading trading platform Upbit – just days after three major commercial banks ruled out the prospect of doing...
Bank Risk Assessment May Threaten Bithumb, South Korean Crypto Exchanges
21.5.2021
South Korean banks are set to audit crypto exchanges’ senior managers as part of their due diligence and risk assessment protocols for real-name banking contracts – and there are concerns Bithumb officials may struggle to pass the checks due to previous and ongoing fraud allegations.
Bank-conducted...
Top Korean crypto exchanges reopen brick-and-mortar customer centers
29.4.2021
Both Coinone and Bithumb have reopened their customer centers in the capital city in response to a surge in domestic interest in cryptocurrencies
South Korean Government Seeks to Regulate International Remittances Related to Crypto ‘Kimchi Premium’
22.4.2021
The famous gap in cryptocurrency prices in South Korean crypto exchanges and overseas ones known as “kimchi premium” raises some concerns among the nation’s government. The latest reports suggest that the country is planning to regulate international remittances tied to kimchi...
At Least 10 South Korean Crypto Exchanges’ ‘Survival Not Guaranteed’
7.4.2021
More South Korean crypto exchanges are almost certain to fold in the months ahead, regulators and industry insiders have claimed, with just five months left before some of the toughest policing measures in the world come into force.
Per Fn News, regulatory sources familiar with the matter claim...
Customers of Small South Korean Crypto Exchanges Fear for their Funds
31.3.2021
South Korean crypto exchanges are now among the most tightly policed trading platforms in the world after a new piece of anti-money laundering (AML) legislation promulgated last week, also placing controls on banking operations and much more. But in the ensuing grace period – which runs until late...
Reported volume of top South Korean crypto exchanges surpasses that of the country's stock market
14.3.2021
The increase in volume came as the price of Bitcoin rose to a new all-time high of more than $61,000 Saturday
Korean crypto exchanges could soon face fines for gaps in due diligence measures
10.3.2021
South Korean financial regulators are developing a penalty regime for Anti-Money Laundering and Know Your Customer violations by cryptocurrency exchanges
Door Opens for South Korean Crypto Exchanges Fearing Forced Closures
2.3.2021
Smaller South Korean exchanges may find a way to survive the promulgation of a new crypto act later this month that requires all trading platforms to abide by real-name banking procedures.
As previously reported, only the “big four” crypto exchanges – Upbit, Bithumb, Korbit, and Coinone – currently...
South Korean Crypto Exchanges Face New Hurdle as Legal Deadline Looms
20.2.2021
With just over a month left before South Korean financial regulators begin policing the activities of the nation’s crypto exchanges, a regulatory body has unveiled details of how it will request trading platforms to report suspicious transactions as part of what promises to become one of the most...