Places South Korea

A possible ICO scam is under investigation in South Korea after a much-publicized shipwreck attracted the suspicions of local authorities. Sunken Treasures As reported by local outlet Korea Joongang Daily on August 1, 2018, Seoul-based Shinil Group is facing the heat as a critical figure in the scam. Earlier in July 2018, Shinil allegedly promised […]

Emerging cryptocurrency regulations are putting greater scrutiny on exchanges and companies worldwide. Starting August 1, 2018, Korean cryptocurrency exchange Bithumb will no longer issue new virtual accounts due to the failure to renew a banking contract. South Korea Cracks Down on KYC and AML Bithumb has suspended new bank-linked virtual accounts after failing to establish […]

Days after marking its first-year anniversary, leading exchange Binance is reportedly poised to enter South Korea. Seeing more than $600 million worth of cryptocurrency traded every day, the South Korean market is the fifth-most active in the world. While Binance — the world’s largest exchange by trade volume — is yet to issue an official […]

South Korea’s financial authority confirmed on July 19, 2018, the implementation of a policymaking department focused exclusively on blockchain technology and related domains. Rising Technology “Leads Financial Innovation” As reported on The Korea Times, the country’s Financial Services Commission decided after careful consideration of the burgeoning blockchain industry and a crucial need for regulation to […]

With the impending legalization of cryptocurrency exchanges and businesses, South Korea continues to make way for blockchain development. A leader in the industry, South Korea is considering reducing taxes for blockchain startups to fuel ‘growth through innovation.’ Meeting on ‘Growth Through Innovation’ On July 13, 2018, the South Korean Ministry of Strategy and Finance met […]

In 2018, within a span of two months, the largest crypto exchanges in Japan and South Korea were hacked. A New York-based cyber security firm declared more breaches are yet to come. According to BLAKFX president Robert Statica, crypto exchanges are easier to hack than most online platforms, especially for experienced hackers. Statica explained that […]

Bithumb, the largest crypto exchange in South Korea by trading volume and user base, is expanding to Japan, the biggest market for cryptocurrency investors.

South Korea has always played a crucial role in crypto development and proliferation.

The investigation, executed by the KBA, is aimed at creating transparency standards as well as eliminate money laundering and insider trading.

For the third time in two years, Bithumb, South Korea’s biggest crypto exchange, was hacked in June 2018. SK, the country’s telecom giant, stated that the hack was likely caused by APT attacks.

Yonhap, a mainstream media outlet in South Korea, reported that commercial banks in the country are holding nearly $2 billion worth of cryptocurrencies.

Local publications reported that the government of South Korea finalized plans to legitimize the cryptocurrency exchange market and the blockchain sector with a newly created regulatory framework.

South Korea has taken another step towards the legitimization of cryptocurrency with the announcement of a new regulatory initiative that will see blockchain platforms and businesses governed by a new classification system.

OKCashBag, the biggest mileage and membership system in South Korea operated by SK – the country’s largest telecommunications conglomerate– is preparing to integrate major digital assets to incentivize users with cryptocurrency.

Last week, Bithumb–one of South Korea’s largest digital currency exchanges–was hacked for $31 million in various cryptocurrencies. Announced on June 28, 2018, Bithumb confirmed the recovery of nearly half the stolen funds. Last Week’s $31 Million Hack Reported on June 19, Bithumb temporarily suspended withdrawal and deposit services following a 35 billion KRW (~$31 million […]

Kim Yong-bum, the Vice Chairman of the Financial Services Commission and one of the main financial regulators in South Korea, expressed optimism towards the cryptocurrency market and the disappearance of the “Kimchi Premium” which exceeded 30% at the cryptocurrency market’s peak in December 2017. Why Premiums Existed in the First Place Merely seven months ago, […]

The cryptocurrency market has swung violently back into the red due to a series of regulatory movements from Asia, spooking skittish market participants. Bitcoin and Ethereum plummeted by almost 10% as Japanese regulators crack down on exchange action. Crypto markets are bleeding red subsequent to a Japanese financial watchdog move that saw business improvement orders […]

Despite recent exchange hacks, the blockchain industry continues to thrive in countries worldwide. On June 21, 2018, the South Korean government announced intent to invest over $200 million into blockchain initiatives by 2022. Cryptocurrency Wanes, Blockchain Thrives On June 21, the South Korean Ministry of Sciences and ICT announced their “Block Chain Technology Development Strategy” – […]