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Report: Election Concerns Halt South Korea’s Crypto and ETF Regulation Ease
1.3.2024
South Korea has delayed its efforts to relax its crypto regulations and the prohibition on spot bitcoin exchange-traded funds (ETFs). This development follows closely behind the People Power Party’s contemplation of removing certain regulations and the ETF ban before the commencement...
Bitcoin’s Swift Climb Triggers Soaring Premium in South Korea During Worldwide Rally
28.2.2024
On Wednesday, bitcoin’s value ascended past the $60K threshold, peaking at a 24-hour high of $61,389 by 10:45 a.m. (ET). Concurrently, South Korea observed a pronounced premium over the international exchange rate, with local platforms such as Upbit and Bithumb displaying prices that...
South Korean Crypto Chat App Channel Scams on the Rise, Warn Police
22.2.2024
South Korean crypto scammers are targeting chat app users on trading- and investment-themed channels, police warned on February 21.
The post South Korean Crypto Chat App Channel Scams on the Rise, Warn Police appeared first on Cryptonews
Crypto Exchanges Reported Over 16,000 Flagged Transactions to South Korean Authorities
14.2.2024
South Korean crypto exchanges reported over 16,000 transactions to local authorities in 2023, an increase from previous years. The Financial Intelligence Unit (FIU) released a breakdown of its efforts to tackle money laundering and other illegal financial threats involving crypto assets....
South Korean Crypto Exchange Bitsonic Execs Jailed for Price Manipulation
7.2.2024
A Seoul court jailed South Korean crypto exchange Bitsonic executives for manipulating crypto prices – and profiting to the tune of $7.5 million. Newsis reported that the Seoul Eastern District Court sentenced the CEO of the Bitsonic trading platform to seven years in prison. South Korean Crypto...
Crypto Yield Firm Haru Invest Execs Arrested in S.Korea for Laundering User Funds
6.2.2024
Top executives of Haru Invest, a South Korean crypto yield platform, have been arrested by the county’s prosecutors on Monday. The crypto investigation arm of the Seoul Southern District Prosecutors’ Office have arrested three people in connection with crypto fraud worth 1 trillion Won ($752...
South Korean Crypto Exchange Bithumb Reinstates Commission Fees After Four Months
6.2.2024
The South Korean crypto exchange Bithumb ended its four-month campaign of commission-free crypto trading on February 5. Per Insight Korea, Bithumb began charging a 0.04% fee “for all crypto transactions starting from February 5.” Bithumb vs Upbit: South Korean Crypto Exchange Rivals Go to War?...
Binance Reviews Its Majority Stake in South Korean Crypto Exchange GOPAX
31.1.2024
The world's largest crypto exchange by trading volume acquired a majority stake in GOPAX in February 2023, re-entering a market it had vacated two years previously
South Korean Crypto Exchanges Blocked $82m Worth of Romance Scam Transactions in 2023
29.1.2024
South Korean crypto exchanges say they blocked over $82 million worth of transactions linked to romance scams last year. Per Seoul Shinmun, the crypto exchange Coinone claimed catfishing and other romantic scams that make use of crypto were now “rampant” in South Korea. Coinone said that it...
South Korean ‘Crypto Drug Dealer’ Jailed for 7 Years
25.1.2024
A South Korean court has sent a drug dealer who sold narcotics to crypto-paying “customers” to jail for seven years. Per the news agency Yonhap, the Criminal Division of the Busan District Court also ordered the unnamed individual – referred to by the media as “A” – to pay a fine of over $9,000....
South Korea’s Crypto Volumes Peak in 2024 as Upbit and Bithumb Dominate Local Market
15.1.2024
In the last 100 days, South Korea’s crypto trading activity has experienced a significant upswing. The country’s leading crypto exchanges, Upbit and Bithumb, recorded their highest trading volumes in the initial week of January 2024. Despite the noticeable premium on South...
South Korean Crypto-related KOSDAQ Stocks Soar on Bitcoin ETF News
12.1.2024
Source: mirsad/Adobe South Korean crypto-related KOSDAQ stocks “soared” on the news of the US Securities and Exchange Commission (SEC)’s approval of 11 Bitcoin spot ETFs. No South Korean crypto firm has yet floated on the Korean Exchange. However, several listed companies have...
South Korean Exchange Searches for ‘Lost’ Owners of $206M Worth of Crypto
1.1.2024
Source: Paweł Michałowski/Adobe The South Korean crypto exchange Bithumb says it wants to find the “dormant” owners of $206 million worth of coins, including Bitcoin (BTC), Ethereum (ETH), and XRP. Per Chosun Ilbo, Bithumb said it was launching a “campaign” to help remind users with seizable crypto...
Storm Thwarts Suspected South Korean Crypto Price Fixer’s Flight to China
25.12.2023
Source: Robert Kneschke/Adobe South Korean coast guards – and rough sea weather – appear to have thwarted a high-profile suspected crypto price fixer’s daring effort to flee the country for China. Per Joongang Ilbo, coast guards in South Jeolla Province arrested the man, surnamed Park and nicknamed...
South Korean Analysts: Global Crypto Market Cap to Hit $5T in 2024
19.12.2023
Source: ArtDown/Adobe South Korean crypto market analysts think the worldwide crypto market cap could hit the $5 trillion mark in 2024 as global adoption continues. Per Hanguk Kyungjae, the claims were made in a report published by the Korbit Research Center, part of the Korbit crypto exchange...
South Korean Crypto Exchanges Scrap for Survival as Upbit Dominance Wanes
18.12.2023
Source: Koshiro/Adobe A “tectonic rift” is threatening to separate the South Korean crypto exchange Upbit from its rivals, as tensions begin to fray between domestic platforms. The newspaper Daehan Kyungjae reported that Upbit’s market share has dropped sharply in recent months, falling from 93%...
More Major South Korean Exchanges Begin Listing USDT
8.12.2023
Source: FellowNeko/Adobe Another leading South Korean crypto exchange has listed the US dollar-pegged stablecoin USDT as global trading volumes begin to climb. Per Kyunghyang Games, Bithumb – the second biggest exchange in the nation – launched support for the coin on December 7. The listing...
Korean Won Overtakes Dollar as Top Fiat Trading Pair Amid Recent Bitcoin Rally: Report
6.12.2023
Source: Pexels South Korean crypto traders are emerging as key influencers in driving Bitcoin price up by over 50%, reaching its highest price level in two years. As per data compiled by CCData for November, Korean won surpassed the dollar, becoming the largest fiat trading pair in crypto for...
Report: Operator of South Korean Crypto Exchange Upbit Sees a Nearly 40% Drop in Operating Profit
30.11.2023
Dunamu, the operator of the South Korean crypto exchange Upbit, recently said it had realized an operating profit amounting to $79 million in the third quarter of 2023. Virtual asset valuation losses contributed to the 81.6% drop in the operator’s net profit for the period. Operating Profit...
Scrutiny of Several Altcoins Intensifies in South Korean Crypto Community
22.11.2023
Source: Enjin In South Korea, the cryptocurrency community is calling for stronger reporting standards and a more rigorous regulatory framework as multiple virtual assets encounter delistings and circulation discrepancies, according to Digital Today. The push for enhanced oversight follows a series...