Bithumb, a South Korean cryptocurrency exchange, has planned to roll out its third annual dormant asset recovery campaign, stating that unclaimed cryptocurrency holdings on the platform have slipped to 291.6 billion won. It showed around a 34% fall from 2024’s 443.5 billion won. The fall is majorly due to the
The South Korean Crypto Exchange, Korbit, has been imposed with a fine of 1.88 million dollars, which is about 2.73 billion won, and has received an institutional warning by South Korea’s Financial Intelligence Unit (FIU). This strong decision comes after the comprehensive review that happened in late 2024, which found
South Korea has delayed its Digital Asset Basic Law till 2026, as regulators are still divided over stablecoin oversight authority, as revealed by legislative sources. The policymakers have halted the crypto legislation as the Financial Services Commission and the Bank of Korea carry on clashing over control of stablecoin reserves
A major hurdle has been thrown in South Korea’s quest to give its digital assets regulatory oversight, as ministers are yet to agree on how to deal with stablecoins, delaying the proposed crypto legislation into next year. According to Yonhap News Agency, there have been hold-ups in the progress of
Mirae Asset Group, a leading financial conglomerate in South Korea, is allegedly engaged in active acquisition talks with Korbit, the fourth-largest cryptocurrency exchange in the country, with plans to buy the company at a price between 100 and 140 billion KRW, or around $70 million and $100 million. The acquisition
South Korean law enforcers are investigating out if North Korea’s notorious Lazarus Group was behind the $36 million cyberattack that targeted Upbit, the biggest cryptocurrency exchange in the country. In the incident that caused a freeze in all transactions after hackers got access to a hot wallet with Solana network
The Bithumb exchange in South Korea has slashed its cryptocurrency lending service limits drastically after it faced a lot of regulatory scrutiny. The platform reduced maximum leverage by half to 2x and reduced loan caps by 80%. The radical reforms are an indication of the increased governmental concerns regarding high-risk
South Korean crypto custodian BDACS has announced the official launch of institutional custody services for XRP, which is a big step in the development of digital asset infrastructure in the country. The release comes after BDACS entered into a strategic partnership with Ripple in February and is a sign of
The central banking authority in South Korea has declared the establishment of a special virtual asset supervisory committee. At the same time, the Bank of Korea reorganized its research units on digital currencies to speed up the practical implementation work. These tactical actions are a sign of the changing attitude
The governor of the South Korean central bank has voiced his cautious optimism regarding the issuance of a won-pegged stablecoin but has noted possible foreign exchange management issues. Bank of Korea Governor Rhee Chang-yong admitted that these digital assets may make currency exchanges easier but cautioned against unintended effects in
