Asian Cryptocurrency Trading Update: South Korea’s Big Appetite for Tron

This morning has seen a minor recovery and there is a lot more green on the boards than red at the moment. It could be a sign that markets are trying to find their ground and neither bulls nor bears can exert enough pressure. In total they are still below $400 billion which indicates a tendency towards the downside. Bitcoin has rallied slightly by 2% up to $8,400 but it is still 10% lower than this time last week. All major altcoins have recovered somewhat, some more than others and…

Despite Ongoing Probes, ICO Legalization in the Cards in South Korea

South Korea has long been a big player in the cryptocurrency world, but recent government crackdowns have stymied the growth of local blockchain-based firms. Despite probes into exchanges as recent as last week, there are concerted efforts to re-legalize initial coin offerings in the country. South Korean lawmakers are working on legislation that aims to lift existing bans on ICOs. According to The Korea Times, a group of lawmakers is hoping to overturn the government’s ban on local ICOs that was enforced in September 2017. Helping legitimate ICOs get on…

South Korea’s Top Financial Watchdog Joins Probe Into Cryptocurrency Exchanges

South Korea’s top financial regulator the Financial Services Commission (FSC) joined the ongoing probe into local cryptocurrency exchanges Sunday, May 13. The FSC will now be taking part in the anti money laundering investigation, hitherto led by the Financial Supervisory Service (FSS), in order to help expand its scope, news outlet Korea Times reports. Commenting on the agency’s move, Vice Chairman of the FSC Kim Yong-beom has urged regulators worldwide to coordinate their regulatory policies on cryptocurrencies. Following a request from the FSS, the FSC will now check bank accounts…

Cryptocurrency Market Loses $50 Billion as South Korean Exchange Is Suspected of Fraud

The cryptocurrency market turned upside down on Friday, having lost about $50 billion market capitalization overnight. With the exception of only Augur, Nuls, and Tether, the whole list of top 100 digital currencies are on the red. The dreadful sentiment seems to be a reaction to reports that South Korea’s exchange Upbit is suspected of fraud. Cryptocurrency Market Plunges as South Korea’s Upbit Exchange Suspected of Fraud The price of Bitcoin dropped below the $9,000 mark and Ethereum failed at the $700 handle within the period of 24 hours as South Korea’s…

South Korea’s Biggest Cryptocurrency Exchange Raided by Local Police

Join our community of 10 000 traders on Hacked.com for just $39 per month. UPbit, South Korea’s biggest cryptocurrency exchange, was investigated by local police and 10 investigators after its headquarters in Seoul were raided. Chosun, the country’s biggest mainstream media outlet, reported that the South Korean authorities are suspecting UPbit of illicitly moving customer funds to the account of its executives. Investigation Ongoing On May 10, the Seoul local police and 10 investigators from the Korean Financial Intelligence Unit (KIU) and Korean Financial Services Commission (FSC) raided the headquarters…

New Head Of South Korean Financial Regulator Notes ‘Positive Aspects’ Of Crypto

The newly appointed governor of South Korea’s Financial Supervisory Service (FSS) said that he sees “some positive aspects” to cryptocurrencies in a press conference today, May 6. The governor also said the FSS will be working on crypto regulatory “issues” in collaboration with other regulators, local news outlet The Korea Times reports. Yoon Suk-heun, who will officially begin work on May 8, said that better crypto regulation “would produce” the kind of secure financial system that makes crypto-related products more accessible. After South Korea banned anonymous trading on domestic crypto…

South Korean Lawmakers Introduce Bill To Legalize New ICOs

A group of South Korean lawmakers is working on a bill to legalize the launch of new initial coin offerings (ICOs) and digital currencies, local news outlet The Korea Times reported May 2. Rep. Hong Eui-rak of the ruling Democratic Party of Korea is leading the move along with 10 other legislators to back the bill and have it endorsed this year. During his speech at a forum devoted to ICOs and blockchain technology at the National Assembly on Wednesday, Hong said that “the bill is aimed at legalizing ICOs…

How South Korea’s Largest Exchange Plans to Allow Millions to Use Cryptocurrency

This article does not contain investment advice or recommendations. Every investment and trading move involves risk. You should conduct your own research when making a decision. Bithumb, South Korea’s largest cryptocurrency exchange, is on a mission to drastically improve the adoption of digital currencies in the country and evolve into a bank-like business to ensure its users can use cryptocurrencies with ease, like cash. Kiosks, ATMs, and Major Integrations In 2018, within a four-month period, Bithumb has secured partnerships with the country’s third largest e-commerce platform, WeMakePrice, and the biggest…

EOS Price Rallies 15% as ‘Kimchi Premium’ Returns in South Korea

Join our community of 10 000 traders on Hacked.com for just $39 per month. The EOS price rallied by 15 percent on Tuesday, outpacing its peers amidst a comprehensive market advance. At present, the EOS price is valued at a global average of $13.40, up from $11.71 on Monday. In the past week, EOS has surged more than 50 percent, which is the second-best performance among top 10-cryptocurrencies. Notably, this price action has occurred even in the wake of the high-profile eosDAC airdrop, whose blockchain snapshot took place on April…