The ban on initial coin offerings in South Korea will stay, the country’s financial regulator has said in a statement. The decision by the South Korean Financial Services Commission (FSC) follows a survey which the regulator commissioned. Among the findings of the survey include the fact that some ICO projects misrepresented themselves. For instance, some had claimed to be fundraising abroad but they went on to involve South Koreans. Dirty Tricks Employed to Evade ICO Ban According to the FSC, the projects did this by registering in Singapore in order to circumvent South Korea’s ICO ban. Some of the evidence
South Korea’s top cryptocurrency exchanges, even as competitors, have launched a joint initiative to strengthen their anti-money laundering efforts. According to a joint press release, Bithumb, Upbit, Corbit, and Coinone announced that they have established a joint anti-money laundering initiative. The plan includes a hotline between the four entities that share real-time information on suspected/proven trading activities. They include cases related to unregistered security offerings, exploitative lending, and voice phishing. The exchanges will also set up a shared database of suspicious crypto wallet addresses. It would assist the companies to detect the distribution of larger-quantity amounts from multiple trading platforms to
By CCN.com: US investors may soon be able to invest in one of the world’s largest bitcoin exchanges following its listing on the over-the-counter (OTC) US stock market. No, Silicon Valley darling and cryptocurrency unicorn Coinbase hasn’t decided to go public, but Bithumb — the largest bitcoin exchange in South Korea and one of the
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South Korea’s blockchain association intends to lobby the authorities in the city of Gwangju to turn the urban area into a ‘specialized Crypto-Valley District.’ According to the Korea Blockchain Enterprise Promotion Association (KBEPA), turning South Korea’s sixth-largest city into a cryptocurrency hub will create numerous jobs. To achieve this the blockchain body, which was founded
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On December 10, South Korea’s National Assembly along with several members of the Congress are set to hold the country’s first official debate around crypto involving high profile government officials. Expected Talking Points of the Debate The meeting, arranged by the local market’s largest cryptocurrency exchanges including Upbit, Bithumb, Korbit, Gopax, and Coinone, will have
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Korea Electric Power Corporation (KEPCO), South Korea’s largest power utility company has announced that it is pursuing a plan to develop a blockchain-based microgrid dubbed the ‘Future Micro Grid’. Revealing the information in an announcement posted on its website on November 18, KEPCO President and CEO Kim Jong-gap stated that the proposed ‘KEPCO Open MG’ framework
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Barely five months after Zeniex was launched, the South Korean cryptocurrency exchange is closing shop. The exchange, which was unveiled in May, has disclosed that it will cease all operations on November 23. Zeniex blamed the development on the problems facing its ZXG token. “… with recent issues regarding ZXG, we have gone through great
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South Korea’s leading technology university, the Korea Advanced Institute of Science and Technology (KAIST), is working with Theta Labs, the first blockchain-based video delivery system, to introduce students to an entirely new set of coursework regarding the applications of blockchain technology.
“We’re kicking things off with a seminar at the electrical engineering school this Friday [the 16th] where we’ll be providing a high-level overview of blockchain technology and current trends in development,” Theta Labs CEO Mitch Liu told Bitcoin Magazine.
South Korean cryptocurrency exchange Upbit has reportedly started marketing new crypto exchanges in Thailand and Indonesia as part of its global expansion plans. The company recently launched an exchange in Singapore. Over 130 coins and 240 trading pairs will be offered on both of the new Upbit exchanges, according to their websites.
Latest Expansion Plan
Upbit, one of South Korea’s largest cryptocurrency exchanges, has been marketing new crypto exchanges in Thailand and Indonesia in their local languages, according to local media. The company has set up a website for each exchange.
On October 12, CCN reported that BK Global Consortium, the parent company of Singapore-based BK Medical Group, has acquired a 50 percent stake in Bithumb, South Korea’s largest crypto exchange. Kim Byung-gun, a prominent plastic surgeon and blockchain investor, finalized the deal between BK Global Consortium and Bithumb, officially acquiring the leading cryptocurrency trading platform
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The largest cryptocurrency exchange in South Korea by trading volume, Bithumb, has reportedly been sold to a Singapore-based consortium for approximately 400 billion won or $ 354 million. Bk Global Consortium, led by plastic surgeon Kim Byung-gun, will acquire the controlling stake and become the largest shareholder of Bithumb.
A spokesman for Bithumb confirmed Friday that the exchange “was sold for about $ 354 million to a consortium led by a plastic surgeon,” Reuters reported and quoted him saying:
South Korea’s largest cryptocurrency exchange by trading volume, Bithumb, has seen a Singapore-based blockchain consortium become its majority owner in a $ 350 million deal. BTC Holdings Company, which was Bithumb’s biggest stakeholder until Thursday with a 75.99% stake finalized an agreement to sell 50 percent plus one stake for 400 billion won (approx. $ 352 million)
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Korea Investment Partners (KIP), the leading South Korean venture capital firm with 20 private equity funds and successful investments in over 500 companies, has made its first cryptocurrency investment in TEMCO, a Korean startup building a blockchain solution for supply chain management. According to the announcement, TEMCO aims to reinvent the supply chain process by leveraging […]
ICON, South Korea’s most valuable blockchain project, has partnered with the country’s biggest telecommunications conglomerate SK, to possibly utilize blockchain technology and crypto in compensating users of its mileage system. SK Planet, a subsidiary of SK that signed a memorandum of understanding (MoU) with ICON, operates the most widely utilized mileage system in the country
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Dunamu, the parent company of South Korea’s largest crypto exchange Upbit, has officially announced the launch of Upbit Singapore, which will be fully operational by October. Upbit Singapore CEO Alex Kim explained in an official statement that local users in Singapore will be able to trade all of the cryptocurrencies integrated by partner exchange Bittrex
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Samsung SDS on Friday announced that South Korea’s Customs Service will use the company’s blockchain solutions to implement a decentralized customs clearance system. SDS is the company’s IT division that houses innovations such as Nexledger blockchain and biometric solution Nexsign.
Per a new agreement, 48 Korea-based institutions such as public agencies, shipping companies, insurers and other stakeholders will participate as distributed nodes to bring transparency, efficiency and security to the customs process. Use cases include sharing of necessary documentation and fraud prevention such as inability of smugglers to forge documents.
Millions of dollars are estimated to have been sunk by investors seeking a piece of the ‘Russian treasure ship’ ICO fronted by a South Korean ‘treasure-hunting’ firm. According to South Korean police, it has been tentatively concluded that about 2,600 people invested around 9 billion won or slightly over US$ 8 million in Shinil Group which
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Bithumb, South Korea’s second-biggest crypto exchange by daily trading volume behind UPbit, will officially resume registrations for new investors as early as this week. NH Bank, one of the largest financial institutions in the country, is set to sign an agreement with Bithumb on August 30 to provide virtual bank accounts to Bithumb users, which
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Samsung, under its IT arm Samsung SDS Co., has unveiled its blockchain based platform, BankSign, to allow people to make transactions at different banks more easily. The Korea Federation of Banks (KFB) launched BankSign in June as a way to allow domestic retail banks to strengthen their verification systems by digitizing both mobile and online
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Kaspersky Lab has discovered that the infamous North Korean cybercrime ring Lazarus has been targeting cryptocurrency exchanges, fintech companies and banks under a malware campaign called AppleJeus. The cyber thieves have attempted to steal cryptocurrency using Trojanized cryptocurrency software, according to Computer Weekly. Kaspersky Lab’s Global Research and Analysis Team reported Lazarus infiltrated an Asian … Continued
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