South Korea | Crypto Profit Bot

Bybit crypto exchange suspends services in South Korea

September 17, 2021

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Amid the looming regulatory deadline in South Korea, a major crypto exchange is closing up shop in the country. 2225 Total views 65 Total shares Bybit, one of the world’s top cryptocurrency derivatives exchanges, will halt some of its services to South Korean users ahead of a licensing deadline. The exchange officially announced on Friday that […]

DCG-backed Korean exchange faces closure if it can’t find banking partner

September 17, 2021

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South Korean crypto exchange Gopax has told users if it can’t resolve its banking difficulties before a looming regulatory deadline, it will need to shut down. 3210 Total views 47 Total shares South Korean crypto exchange Gopax, which is backed by Digital Currency Group, is facing potential closure ahead of the country’s fast-approaching deadline for […]

Korean Finance Minister vows to fight moves to delay the crypto tax code

September 17, 2021

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South Korea’s Minister of Strategy and Finance, Hong Nam-Ki has vowed that the controversial crypto tax code will come into effect on January 1st, 2022 despite moves this week by the majority Democratic Party to postpone it to 2023. The tax code will levy a 20% tax on income generated by crypto transactions in excess […]

Korean crypto ‘Jedi Master’ plans to launch second VC blockchain fund

September 8, 2021

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Blockchain VC investment firm Hashed is seeking $173 million for a second fund. 3020 Total views 5 Total shares One of South Korea’s leading blockchain evangelists is embarking on another huge blockchain fundraise following the success of his first. Simon Seojoon Kim is planning to raise $173 million for a second blockchain fund following the […]

Binance halts KRW pairs amid tightening crypto exchange regulations in Korea

August 13, 2021

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The crypto exchange giant said the decision was part of efforts aimed at proactive compliance with regulatory demands. 1281 Total views 5 Total shares Binance has halted Korean won (KRW) trading pairs as part of a raft of changes to its operations in South Korea. In a notice issued on Friday, the crypto exchange giant […]

Woori becomes latest major Korean bank to announce crypto custody services

July 12, 2021

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An increasing number of leading South Korean banks are establishing joint ventures with minor ownership to enter the crypto custody market while complying with local regulations. 1265 Total views 9 Total shares According to a July 11 report from The Korean Economic Daily, the group’s banking unit, Woori Woori Financial Group has become the latest […]

South Korean crypto exchanges banned from handling coins they issued themselves

June 17, 2021

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Exchange tokens are falling under the scrutiny of South Korean regulators. The increased regulatory scrutiny that befell South Korea’s cryptocurrency space in recent times appears to have extended to include exchange tokens. Exchange tokens are tokens issued by a cryptocurrency exchange that usually offer some benefit to the holder, either through reduced trading fees, regular […]

Alleged $3.6B crypto Ponzi’s ‘victims’ still believe the exchange is legit

June 10, 2021

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Some of those caught up in an alleged $3.6 billion crypto Ponzi scheme are refusing to aid police investigations as they still expect to triple their investments. 5584 Total views 8 Total shares Victims of an alleged $3.6 billion crypto Ponzi scheme in South Korea are reportedly hampering the progress of a police investigation and […]

South Koreans flock to crypto amid a heavy-handed regulation approach

May 11, 2021

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In South Korea, one in three citizens either own cryptocurrencies or get paid in them. One-tenth of its population trades digital assets, and its youth unemployment rate hovers above 10%. It’s a competitive job market in the East-Asian nation, where high expenses enforce hierarchical social structures, and financial stability can seem like a pipe dream. […]

South Korea’s banking association alarmed by altcoin trading mania

May 10, 2021

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South Korea’s banking body wants crypto exchanges to be wary of the risks of being overexposed to altcoins. 1432 Total views 10 Total shares The Korea Federation of Banks has raised alarm over the increase in altcoin trading volumes across crypto exchanges in the country. According to a report by The Korea Herald on Monday, […]

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Category: South Korea