Do Kwon, a co-founder of Terraform Labs, is being held in Montenegro by the Supreme Court, and has refused to extradite him to South Korea. The ruling was issued on March 22, after an aspirant’s argument that this process is outside the jurisdiction of lower courts. A motion challenging the
The appeal that Do Kwon, co-founder of Terraform Labs, filed to prevent his extradition to South Korea was denied by a Montenegrin court. The Appellate Court of Montenegro said on March 20 that it had supported the high court’s decision to extradite Kwon to South Korea, where he holds his
The Worldcoin (WLD) cryptocurrency is now under investigation by the South Korean Personal Information Protection Commission (PIPC), which is based on concerns about user privacy. The project’s data gathering tactics and regulatory compliance have been the subject of concerns in the crypto community and the larger tech sector due to
As regulatory hurdles continue to pile up, crypto exchange Binance has stated its plan to sell its shares in GOPAX, a significant exchange in the South Korean crypto market. As the biggest stakeholder with a substantial 72.26% stake, Binance established its relationship with GOPAX via its purchase of the exchange.
According to reports, OKX is under investigation by the Financial Intelligence Unit (FIU) of South Korea due to claims that the company was running an unlicensed crypto exchange. An inquiry against the exchange was initiated when the Digital Asset Exchange Association (DAXA) informed the FIU about OKX’s operations, as reported
After spending time in jail in Montenegro, Han Chang-joon, the former chief financial officer of Terraform Labs, was extradited to South Korea. Both Terraform Labs and its co-founder, Do Kwon, were detained in March for trying to leave using phony passports. This additional twist adds another degree of complication to
Cryptocurrency mixers or blenders, are infamous for their involvement in money laundering; South Korea is considering regulating them in an effort to curtail illegal financial activity. Concerned about criminal groups’ abuse of crypto mixers, the nation’s Financial Intelligence Unit (FIU) is considering potential solutions. Importantly, this action is being taken
South Korean securities companies may have violated regulations by brokering Spot Bitcoin ETFs registered abroad, according to a press statement by the Financial Services Commission (FSC) on January 12. The advice is issued at a time when the FSC is attempting to address the regulatory frameworks and issues presented by
A modification to the Credit Finance Act has been suggested by the Financial Services Commission (FSC) of South Korea, which would significantly limit the use of credit cards for crypto transactions. This is an effort to prevent the possible misappropriation of money and speculative activity. The main goal of the
The South Korean Financial Services Commission (FSC) has outlined rules for the passage of the Virtual Asset User Protection Act. These rules, which are expected to take effect on July 19, 2024, are an attempt to create a trustworthy virtual asset market and a safe environment for consumers. Notable exceptions
