Bithumb and Coinone Terminating Fiat Withdrawals for Unverified Crypto Traders

Bithumb and Coinone Terminating Fiat Withdrawals for Unverified Crypto TradersTwo major South Korean cryptocurrency exchanges have announced that they will no longer allow unverified users to make withdrawals in Korean won. Starting next month, users of Bithumb and Coinone must have verified real-name accounts in order to deposit and withdraw the fiat currency. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals […]

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Korean Banks to Limit Services for Crypto Traders Without Real-Name Verification

Korean Banks to Limit Services for Crypto Traders Without Real-Name VerificationSouth Korean banks are reportedly taking measures to limit services for customers who are not using the real-name system. It has been over seven months since the Korean government introduced the crypto real-name system, but only 40-50% of accounts at the country’s top four cryptocurrency exchanges have been converted into real-name ones, according to local […]

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Korean Regulators Widen Investigation of Cryptocurrency Exchanges

Korean Regulators Widen Investigation of Cryptocurrency ExchangesSouth Korea’s government is widening its probe on cryptocurrency exchanges, particularly the use of corporate accounts which the regulators say can lead to money laundering. This announcement follows the prosecutors launching an investigation on the country’s largest crypto exchange, Upbit. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Widening the Crypto Probe South Korea’s […]

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100+ Crypto Exchanges in South Korea – Government’s Real-Name System Ineffective

100+ Crypto Exchanges in South Korea – Government's Real Name System IneffectiveThere are reportedly more than 100 exchanges in South Korea, most of which are not using the government’s real-name system. None of the small and medium-sized exchanges can use this system since banks have opted to only provide this service to the country’s largest exchanges. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space 30% […]

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System Error at Korean Crypto Exchange Gave Users Free Coins

System Error at Korean Crypto Exchange Gave Users Free CoinsA South Korean cryptocurrency exchange said it suffered an internal system error which affected withdrawals. The exchange claimed that users were able to withdraw five times the number of coins they requested. It is asking for the coins back, and will seek civil liabilities and damages from users who do not voluntarily return the coins. […]

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New Self-Regulatory Rules for Crypto Exchanges in South Korea Clarified

New Self-Regulatory Rules for Crypto Exchanges in South Korea ClarifiedThe majority of South Korean cryptocurrency exchanges are implementing new self-regulatory rules and performing self-inspection. The industry group in charge of leading the efforts has clarified the differences between the new and old self-regulatory rules for its 23 exchange members. Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales Promoting Safe […]

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Korea’s Mandatory Crypto Real-Name System Neglected – 19% Conversion Rate

Korea’s Mandatory Crypto Real-Name System Neglected - 19% Conversion RateSouth Korea’s real-name system for cryptocurrency trading has been enforced for over a month, but most accounts have not been converted to the new system. Banks are still not converting accounts for most crypto exchanges and the government will not force them or investors to use the new system. Also read: Indians Look to Buy Bitcoin […]

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20+ South Korean Cryptocurrency Exchanges Voluntarily Undergo Evaluations

20+ South Korean Cryptocurrency Exchanges Voluntarily Undergo EvaluationsOver twenty cryptocurrency exchanges in South Korea have agreed to undergo evaluations, including the country’s top four exchanges: Upbit, Bithumb, Coinone, and Korbit. This is part of their self-regulatory efforts, in conjunction with the Korean Blockchain Association. Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten 21 Exchanges Participating So Far The Korean Blockchain […]

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South Korean Regulator Supports ‘Normal’ Cryptocurrency Transactions

South Korean Regulator Supports 'Normal' Cryptocurrency TransactionsThe director of the South Korean Financial Supervisory Service has announced that the government will support “normal” transactions of cryptocurrencies. Acknowledging that most crypto exchanges are having problems obtaining virtual accounts, he promises to encourage banks to work with them. Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten Supporting ‘Normal’ Crypto Transactions The director of […]

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