South Korea issues guidance on security tokens, STOs
S. Korea will regulate certain digital assets as securities under the Capital Markets Act and allow STOs under the Electronic Securities Act.
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S. Korea will regulate certain digital assets as securities under the Capital Markets Act and allow STOs under the Electronic Securities Act.
Monika Ghosh 2 min read
The funding for the GOPAX acquisition was made from the $1 billion Industry Recover Initiative — a co-investment project led by Binance.
Investigations revealed that Kang Jong-hyun is the brother of Kang Ji-yeon who is the head of Inbiogen-an affiliate that holds about 34.2% stake in Bithumb.
The accused individuals sent around $3.2B out of S. Korea under false pretenses, violating foreign exchange laws, to buy crypto abroad.
In the meantime, Huobi global's quarterly revenue fell -98% since the second quarter of 2021.
The National Tax Service opened a "special tax investigation" into Bithumb, including the individual Kang Jong-hyeon, who is alleged to be the company owner.
Huobi Korea chairman Jo Guk-Bong will buy the majority stakes from Huobi global founder Leon Lin.
Binance is in the process of acquiring Gopax, however, the South Korean exchange has about $471 million of customers' fund locked in Genesis.
Lee Jung-Hoon, who was accused of swindling $70 million from BK Group chairman Kim Byung-gun, was acquitted of all charges.