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Search Results for: south korea

Binance to Sell GOPAX Shares Amid Regulatory Hurdles in South Korea

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.

February 8, 2024 1 min read

South Korea Reportedly Probes OKX for Unlicensed Operations

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

February 7, 2024 1 min read

Montenegro Authorities Extradite Former Terra CFO To South Korea

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

February 5, 2024 1 min read

South Korea Eyes Regulation for Crypto Mixers Amidst Rising Concerns

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

January 15, 2024 2 mins read

South Korea Cracks Down on International Spot Bitcoin ETFs

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

January 12, 2024 1 min read

South Korea Proposes Credit Card Restrictions for Crypto Transactions

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

January 4, 2024 2 mins read

South Korea Reveals Stringent Rules for Virtual Assets Market

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

December 11, 2023 2 mins read

Italy and South Korea’s Central Banks Collaborate on CBDC Exploration

Italian central bank Banca d’Italia and South Korean central bank Bank of Korea have entered into a memorandum of understanding (MoU) pertaining to information technology (IT) and payment systems via official channels on December 5. The Italian central bank has said that the MOU has provisions for the “mutual sharing

December 5, 2023 1 min read

South Korea Intensifies Crackdown on Unauthorized Crypto Exchanges

On December 4th, South Korean financial authorities issued an update requesting that consumers disclose any unauthorized cryptocurrency exchanges providing services to customers inside the area. The endeavor was a joint effort by the South Korean Financial Intelligence Unit (FIU) and the Digital Asset Exchange Association (DAXA). Upbit, Bithumb, Coinone, Korbit,

December 4, 2023 1 min read

South Korea’s National Pension Service Buys $19.9M Worth Coinbase Shares

The National Pension Service (NPS) of South Korea, the third biggest pension fund in the world, has put $19.9 million into Coinbase. For a pension fund that oversees over $755 billion, this transaction represents a substantial venture into the crypto sector. With this purchase, NPS takes its first tentative steps

November 16, 2023 1 min read