South Korea
Binance’s Dominance in South Korea Sparks Anti-Monopoly Concerns
South Korean authorities are investigating local cryptocurrency exchanges for potential anti-monopoly breaches, fueled by Binance’s overarching dominance in the market. Binance’s trading volume is 22 times that of all South...
South Korea Ramps Up Crypto Oversight After US Election-Driven Volatility
On November 8, 2024, South Korea’s Financial Supervisory Service (FSS) Governor, Lee Bok-hyun, announced plans to tighten oversight of the crypto market following the U.S. election results. The regulator is...
South Korea Pilots CBDC as Crypto Reshapes Job Market
South Korea is launching a CBDC pilot project with plans to use central bank digital currencies for education and welfare vouchers. This initiative is a collaboration between the Ministry of...
Stablecoins Take Over South Korea’s Trade Sector Driven by Tether on Tron
Stablecoin adoption in South Korea is benefiting the financial market, with Tether (USDT) transactions leading the way. Government reports indicate that roughly 10% of domestic trade transactions now involve stablecoins....
South Korea’s Virtual Asset Committee to Tackle Corporate Crypto Investment
South Korea, through its Financial Services Commission (FSC), announced that the newly formed Virtual Asset Committee will hold its first meeting on November 6. As an advisory group, the committee...
Bitcoin’s Surge Leaves South Korea Behind: Kimchi Premium Fades
Despite Bitcoin’s surge past $70,000, interest among South Korean retail investors remained tepid. The kimchi premium, which measures the difference between Bitcoin’s price in South Korea and global exchanges, is...
Bithumb Exchange Faces Korean Won Withdrawal Delays, Users Unfazed
Bithumb, a South Korean cryptocurrency exchange, is experiencing a hitch. The exchange announced that delays from its partner companies caused the inability to process Korean Won withdrawals. While such announcements...
South Korea to Tighten Oversight of Cross-Border Crypto Transactions Starting Next Year
South Korea will soon regulate cross-border crypto transactions, with new rules taking effect in Q2 2025. These stricter regulations, which require pre-reporting of cross-border crypto transactions, aim to prevent tax...
South Korea Mulls Free Market Approach for Crypto Interest Rates
Lee Bok-hyun, Governor of South Korea’s Financial Supervisory Service (FSS), suggested the country may adopt a free market approach to crypto. During a parliamentary audit, the governor addressed concerns about...
NFP Token Plunge: Coinone Disputes Hack Claim, Launches Probe
Coinone, a South Korean crypto exchange, has brought in local and Canadian law firms to investigate the NFPrompt (NFP) token dispute. In March, Coinone’s NFP price plummeted 70%, while prices...
South Korea to Investigate AVAIL Altcoin Over Price Manipulation Concerns
The South Korean National Assembly is reportedly planning a detailed investigation into the altcoin AVAIL over price manipulation concerns. Democratic Party of Korea lawmaker Min Byeong-deok plans to call the...
South Korea May Soon Allow Bitcoin Spot ETFs
The Financial Services Commission (FSC) in South Korea will take important steps to shape the country’s cryptocurrency landscape. According to Cryptoquant Founder Ki Young Ju, this includes discussions about allowing...
Upbit’s Market Power in South Korea Attracts Regulatory Flak
South Korea’s Financial Services Commission (FSC) announced plans to investigate Upbit’s market dominance. This investigation follows concerns about Upbit’s ownership in the virtual asset sector and its association with K-Bank,...
South Korea Investigates KOK Token Crash, $3 Billion Lost
Lawmakers in South Korea are calling for a deeper investigation into the KOK crypto token scam and have urged the government to take action against those responsible for the token’s...
Hancom Chairman Faces Crypto Fraud Probe in South Korea
Software company Hancom Group Chairman Kim Sang-cheol is under investigation for allegedly amassing illicit funds worth tens of billions of Korean won using Arowana (ARW) tokens. South Korean prosecutors are...
Crypto Billionaires in South Korea: Young Investors Hold $739 Million
A study by the crypto exchanges Upbit and Bithumb shows the growing influence of cryptocurrencies among young South Koreans. More than 180 South Koreans in their 20s have crypto assets...
Bithumb Eyes Nasdaq Listing After Dropping KOSDAQ IPO
Bithumb, one of South Korea’s leading cryptocurrency exchanges, is considering a US Nasdaq listing, according to local news. At a shareholders’ meeting held on the 30th, the exchange said it...
CryptoQuant Founder: Web3 Needs Smart Regulation to Drive Global Collaboration
Ki Young Ju, the founder of CryptoQuant, believes Web3 has the potential to transform global collaboration on a scale surpassing even Google. He argued that with the right regulations in...
South Korea to Tackle Crypto Insider Trading with Legal Amendment
Democratic Party lawmaker Kim Young-hwan introduced an amendment to South Korea’s Improper Solicitation and Graft Act to combat crypto insider trading and bribery. The amendment would expand the definition of...
South Korean Court Orders Defunct GDAC to Return $7.3M in WEMIX to Wemade CEO
A South Korean court ruled in favor of Wemade CEO Park Kwan-ho, ordering the now-defunct GDAC crypto exchange to return 7.8 million WEMIX tokens, worth $7.31 million. This ruling is...
Worldcoin Price Surges Despite $831K Fine in South Korea
The Personal Information Protection Commission (PIPC) of South Korea fined the Worldcoin Foundation and Tools for Humanity (TFH) for violating personal data protection laws. The Worldcoin Foundation received a KRW...
South Korea’s FSS Gets Tough on Crypto Crime
The South Korean Financial Supervisory Service (FSS) announced plans to implement strict regulations for the crypto industry. FSS Governor Lee Bok-hyun introduced a zero-tolerance policy to combat unfair crypto trading...
Crypto Now Safer in South Korea Thanks to This New Foundation
South Korea’s Financial Services Commission (FSC) has given the green light to a foundation designed to protect users’ crypto assets. The Digital Asset Protection Foundation will safeguard assets in the...
Bithumb’s Bank Switch Under Review by South Korean Regulator
The Financial Intelligence Unit (FIU) of South Korea’s Financial Services Commission (FSC) is currently assessing Bithumb’s proposal to change its real-name account partner bank. Even so, Bithumb has submitted draft...
South Korea’s FSS Initiates On-Site Inspections of Crypto Exchanges
South Korea’s Financial Supervisory Service (FSS) has announced the launch of on-site inspections of crypto asset exchanges, with Bithumb being the first platform under review. The inspections will commence after...
