Category: korean

Korean Presidential Committee Pushes to Legalize Crypto

Korean Presidential Committee Pushes Government to Legalize CryptoA South Korean presidential committee is pushing for the government to establish legal status for cryptocurrency to stay competitive globally. So far, the government’s policies have been risk-focused to curb speculation, which the committee says must change. Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain Presidential Committee Pushes for Crypto Legalization […]

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PR: Bitcoin.com Partners With Jeju Blockchain Smartcity Association to Spread BCH Adoption

Bitcoin.com Partners With Jeju Blockchain Smartcity Association to Spread BCH AdoptionRoger Ver, CEO of Bitcoin.com has agreed to help the Jeju Blockchain Smartcity Association grow the BCH ecosystem.

On March 25th, Roger Ver agreed to collaborate with the Jeju Blockchain Smarcity Association in Korea. The Association’s blockchain and BCH friendly environment is built on three pillars: free market efficiency, job creation, and international leadership. Since time is of the essence, the association plans to launch the Korean Blockchain Smarcity Challenge, to find and incentivize startups to help develop the BCH ecosystem. The goal of the competition is to develop innovative solutions that resolve existing urban issues in transport, energy, environmental sustainability, safety, payments and many more. The Korean Blockchain Smartcity Challenge will also showcase the ways in which blockchain technology is used by companies, the federal government, and the local government in Jeju Smartcity.

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US ETF Ruling to Inform South Korean Cryptocurrency Market

Local media has reported that a South Korean exchange is waiting for regulators in the United States to make a ruling regarding the highly anticipated Vaneck cryptocurrency exchange-traded fund (ETF) before determining its stance pertaining to virtual currency ETFs. Also Read: Markets Update: Altcoins Gain on BTC Exchange Awaits US Ruling to Develop ETF Policy […]

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Executives of Korean Exchange Sentenced to Jail for Faking Volumes

Executives of Korean Exchange Sentenced to Jail for Faking VolumesTwo executives of a South Korean cryptocurrency exchange have reportedly been sentenced to jail for inflating trading volumes on their exchange. The pair allegedly used a bot to fake large orders in both cryptocurrencies and Korean won. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Prison Sentences Two executives of South […]

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Exchange News: Huobi Trials EOS Exchange, Sharespost Enables Security Token Trade

Exchanges News: Huobi Trial Eos Exchange, Sharespost Facilitates Security Token TransactionIn recent cryptocurrency exchange news, Huobi’s EOS exchange has entered trial operations, Sharespost has facilitated a secondary trade of the BCAP security token, and Bithumb has obtained South Korean Information Security Management System certification. Also Read: Bisq DEX Launches DAO on Testnet as Developers Seek to Decentralize Governance  Huobi Launches Trial of EOS Exchange In the […]

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Report: 70 to 80 Percent of South Korean Miners Shut Down in 2018

Report: 70 to 80 Percent of South Korean Miners Shut Down in 2018Chinese state television has sought to document the toll taken on South Korean cryptocurrency companies by 2018’s bear market, with Financial Channel (CCTV-2) producing a report detailing the challenges faced by Korean miners. According to the report, last year’s bear trend was further exacerbated by a 97.5 percent drop in Korean cryptocurrency premiums, driving between […]

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South Korea Ends Year With 6 Bills to Regulate Crypto Industry

South Korea Ends Year With 6 Bills to Regulate Cryptocurrency IndustrySouth Korea’s top financial regulator has exclusively shared with news.Bitcoin.com information about six cryptocurrency-related bills that have been submitted to the National Assembly. The most recent bill seeks to protect the rights of crypto owners and to ensure the safety and reliability of crypto transactions. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for […]

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Officials at Top Korean Cryptocurrency Exchange Upbit Indicted for Fraud

Officials at South Korea’s largest cryptocurrency exchange, Upbit, have been indicted for fraud. They allegedly made bogus crypto orders worth approximately $226 billion and sold 11,550 BTC to around 26,000 investors. Upbit has denied the charges and insisted that it did not commit fraud, engage in wash trades, or trade cryptocurrencies it did not own. […]

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Bithumb Accused of Inflating Reported Trading Volume

Report Accuses Bithumb of Inflating Reported VolumeAn investigation conducted by Crypto Exchange Ranks (CER) has alleged that Bithumb, the largest Korean digital currency exchange by volume, has drastically inflated its reported trade volume during the second half of 2018. The report asserts that a number of irregular patterns identified in Bithumb’s trade activity suggest “apparent trade manipulations being performed.” Also Read: Former […]

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7 Major Exchanges in Korea to Create Healthy Cryptocurrency Ecosystem

7 Major Exchanges in Korea to Create a Healthy Cryptocurrency EcosystemSeven major crypto exchanges in South Korea have joined forces to create a sound cryptocurrency ecosystem. They have agreed on joint measures such as information sharing and real-time monitoring of abnormal transactions. Meanwhile, the Korean government is working on institutionalizing crypto exchanges. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Seven […]

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Bithumb Overtook Binance as Largest Spot Exchange by Daily Volumes in November

Bithumb Overtook Binance as Largest Spot Exchange by Daily Volumes in NovemberCryptocompare, the cryptocurrency market data aggregator, has published its monthly exchange review for November 2018, offering insights about the latest changes in the global market using transaction data from over 70 trading venues. Also Read: IRS to Face Record Number of Crypto-Related Loss Claims Key Findings in the Report The authors of the report found that […]

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Korean Incoming Minister Confirms Cryptocurrency Taxation Plans

Korean Incoming Finance Minister Confirms Cryptocurrency Taxation PlansSouth Korea’s incoming finance minister, Hong Nam-ki, has reportedly unveiled his government’s taxation plans for cryptocurrency and initial coin offerings. A task force consisting of experts from government agencies and the private sector will be formed to examine overseas cases to establish domestic cryptocurrency tax rules. Also read: SEC Fails to Show Court Blockvest Tokens Are […]

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South Korea’s Upbit to Launch Crypto Exchanges in Thailand and Indonesia

South Korean cryptocurrency exchange Upbit has reportedly started marketing new crypto exchanges in Thailand and Indonesia as part of its global expansion plans. The company recently launched an exchange in Singapore. Over 130 coins and 240 trading pairs will be offered on both of the new Upbit exchanges, according to their websites. Also read: Yahoo! Japan […]

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Korean Court Rules in Favor of Cryptocurrency Exchange Against Bank

A South Korean district court has ruled that Nonghyup Bank, a major bank in the country, cannot block transactions to the account of cryptocurrency exchange Coinis based solely on the government’s anti-money laundering guidelines. This is reportedly the first time a Korean crypto exchange has taken legal action against a bank for blocking its transactions. […]

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BTCC Launching Cryptocurrency Exchange in South Korea

BTCC Launching Cryptocurrency Exchange in South KoreaHong Kong-headquartered cryptocurrency exchange BTCC is reportedly launching services in South Korea this month. In addition to a cryptocurrency exchange, the company will offer a wallet service, a mining pool, and a consumer payments service, according to its Korean website. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals BTCC Expanding Into South […]

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South Korea’s Largest Crypto Exchange Sold to Singapore-Based Consortium

South Korea’s Largest Crypto Exchange Sold to Singapore-Based ConsortiumThe largest cryptocurrency exchange in South Korea by trading volume, Bithumb, has reportedly been sold to a Singapore-based consortium for approximately 400 billion won or $354 million. Bk Global Consortium, led by plastic surgeon Kim Byung-gun, will acquire the controlling stake and become the largest shareholder of Bithumb. Also read: 160 Crypto Exchanges Seek to Enter […]

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Largest South Korean Exchange Launches Crypto Market Indices

Largest South Korean Exchange Launches Crypto Market IndicesThe largest crypto exchange in South Korea by trading volume, Bithumb, has launched two cryptocurrency market indices. One tracks all coins listed on the exchange while the other tracks only altcoins. Meanwhile, Upbit, the country’s largest crypto exchange by the number of coins listed, has two similar indices and sub-indices divided into three broad categories. […]

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Korean Crypto Exchange Sued for Controversial Token Schemes

Korean Crypto Exchange Sued for Controversial Token SchemesA lawsuit has reportedly been filed in South Korea against a local cryptocurrency exchange over its price-pumping schemes involving token issuance. The suit alleges that Cashierest’s token which pays dividends and rebates transaction fees to investors violates the country’s capital markets law. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals The Lawsuit South […]

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Total of 7 Crypto Exchanges and 158 Wallets Hacked in South Korea, Police Find

Total of 7 Crypto Exchange and 158 Wallet Hacks in Korea, Police FindThe South Korean National Police Agency has produced a report of all hacking incidents of crypto exchanges and wallets in the country during the past three years. According to local media, there were seven hacking cases of crypto exchanges and 158 cases of wallet hacks, 91 of which happened this year. However, only six arrests […]

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Coinnest Executives Indicted for Accepting Bribe for Coin Listing

Coinnest Executives Indicted for Accepting Bribe for Coin ListingThe Seoul Southern District Public Prosecutors’ Office has reportedly indicted two executives of South Korean crypto exchange Coinnest for accepting a bribe in exchange for listing a cryptocurrency. According to local media, they received 1 billion won (~US$890,000) worth of cryptocurrencies – mostly BTC. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals […]

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Major Korean Crypto Exchange Upbit Opens in Singapore Next Month

Major South Korean Crypto Exchange Upbit Opens in Singapore Next MonthMajor South Korean cryptocurrency exchange Upbit will reportedly begin operations in Singapore next month. The new exchange will offer Singapore dollar trading as well as crypto-to-crypto pairs in three markets offered by Bittrex, Upbit’s US-based partner. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals Upbit Expands to Singapore Dunamu Inc., the operator […]

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Bithumb and Coinone Terminating Fiat Withdrawals for Unverified Crypto Traders

Bithumb and Coinone Terminating Fiat Withdrawals for Unverified Crypto TradersTwo major South Korean cryptocurrency exchanges have announced that they will no longer allow unverified users to make withdrawals in Korean won. Starting next month, users of Bithumb and Coinone must have verified real-name accounts in order to deposit and withdraw the fiat currency. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals […]

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Korean Banks to Limit Services for Crypto Traders Without Real-Name Verification

Korean Banks to Limit Services for Crypto Traders Without Real-Name VerificationSouth Korean banks are reportedly taking measures to limit services for customers who are not using the real-name system. It has been over seven months since the Korean government introduced the crypto real-name system, but only 40-50% of accounts at the country’s top four cryptocurrency exchanges have been converted into real-name ones, according to local […]

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South Korea Urges 14 Countries to Create International Discipline System for Crypto

South Korea Urges 14 Countries to Create International Discipline System for CryptoAt an annual international conference for regulators in Seoul, the South Korean Financial Supervisory Service urged regulators from 14 other countries to create an international discipline system for cryptocurrency and initial coin offerings. The Korean government also outlined its current crypto countermeasures and pushed for better information sharing and international cooperation. Also read: Yahoo! Japan Confirms […]

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