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Commission Income From Crypto Accounts Jumped 36 Times for South Korean Banks

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South Korean banks have been providing virtual account services to cryptocurrency exchanges and earning commissions from them. According to data obtained by the country’s Financial Supervisory Service, banks made 36 times more in commission income from crypto exchanges last year than the previous year. Also read: South Korean Officials Caught Trading On Insider Knowledge of Crypto … Read more

South Korean Regulator: In Reality Impossible to Close Cryptocurrency Exchanges

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The South Korean Fair Trade Commission (KFTC) does not have the authority to close cryptocurrency exchanges. “It is impossible in reality,” said the KFTC chairman. The agency is currently investigating 13 major exchanges operating in the country for alleged violations of the e-commerce law. Also read: South Korean Officials Caught Trading On Insider Knowledge of Crypto … Read more

Despite Regulations, One South Korean Crypto Exchange Rises to the Global Top

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Amid regulatory uncertainty, South Korean cryptocurrency exchange Upbit has grown rapidly, offering 121 cryptocurrencies and over 200 trading pairs. Backed by Kakao Corp, the platform is now the largest crypto exchange by volume globally. Also read: South Korea Urges 23 Countries, EU, and IMF to Collaborate on Curbing Crypto Trading Upbit Tops the Chart South Korean … Read more

Cryptocurrency App Users Increase 14-Fold in South Korea

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The number of cryptocurrency app users in South Korea has increased 14 times in the last 11 weeks to approximately two million users, according to a recent analysis. Users spend an average of 26 minutes using them daily and the majority of users are in their 30s. Also read: South Korea Urges 23 Countries, EU, and … Read more

Markets Update: The Top 68 Cryptos Dive During the January Slump

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Cryptocurrency markets are having a tough time during the third week of the new year as a vast majority of digital assets are down 20 percent or more. Currently, the BTC/USD global average is roughly $12,050 after touching a high of $14,300 just 24-hours prior. The sudden losses started taking place yesterday evening when bitcoin markets … Read more

New Cryptocurrency Exchanges Proliferate in South Korea Despite Regulation

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New cryptocurrency exchanges are rushing to launch in South Korea despite regulatory uncertainty due to high demand and lucrative business models. Ten crypto platforms are expected to open for business in the first half of this year, including two run by Kosdaq-listed companies. Also read: South Korea Urges 23 Countries, EU, and IMF to Collaborate on … Read more

South Korean Banks Reverse Decisions on Cryptocurrency Accounts

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South Korean banks have backtracked from their decisions to stop servicing cryptocurrency accounts as crypto investors protested and the government re-discussed its policy. The country’s 6 major banks have been told that they must follow through with the original plan and install the system that would end the anonymous trading of cryptocurrencies. Also read: South Korea … Read more

Korean Regulators Launch Investigations of Bithumb and Coinone Crypto Exchanges

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The South Korean regulators have started investigating two major cryptocurrency exchanges. The country’s National Tax Service has conducted an on-site investigation of Bithumb and Coinone. In addition, Coinone is also being investigated by the Korean police for allegedly offering illegal gambling services to investors. Also read: South Korea Urges 23 Countries, EU, and IMF to Collaborate … Read more

Markets Update: Exchange News from South Korea Brings the Bitcoin Bears

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Cryptocurrency prices are sliding downwards since our last markets update, as the top ten digital assets are all seeing a loss of gains on January 8. BTC/USD markets reached a high of $17,200 on Saturday evening on January 6, but the value has dropped since then to a low of $13,900 per BTC. The price … Read more