korean crypto exchanges – DIGIT INFO

South Korean crypto exchanges face unexpected supervisory fees

DIGIT — Thu, 01 Aug 2024 08:44:53 +0000

Introducing supervisory fees marks a crucial step toward increased regulation and oversight.

70% of Korean Crypto Exchanges Fail to Repay Customers After Closure, Regulator Says

DIGIT — Sat, 08 Jun 2024 01:33:15 +0000

A joint research effort by Korean regulators — the Financial Supervisory Service (FSS) and Korea Financial Intelligence Unit (FIU) — has revealed that seven out of 10 cryptocurrency exchanges in South Korea failed to fully return investors’ money after ceasing operations. “And even if they did, just one or two employees were tasked with giving […]

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Korean Regulator Takes Action Against 16 Foreign Crypto Exchanges

DIGIT — Sat, 20 Aug 2022 02:30:12 +0000

The South Korean financial intelligence unit is taking action against 16 foreign cryptocurrency exchanges for operating illegally in the country. “For illegal business activities of unregistered entities, maximum of 5 years of imprisonment or up to KRW 50 million of fines can be imposed,” the regulator said. 16 Foreign Crypto Exchanges Flagged by South Korean […]

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60 Cryptocurrency Exchanges in South Korea to Shut Down All or Some Services This Week

DIGIT — Tue, 21 Sep 2021 03:30:05 +0000

The deadline for cryptocurrency exchanges and wallet operators to comply with the new regulatory requirements to stay open in South Korea is this week. So far, only one crypto exchange has been licensed to continue operations. About 60 crypto exchanges are expected to either shut down or reduce services. 60 Crypto Exchanges Expected to Shut […]

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Korean Government Says 28 Crypto Exchanges Have Met Regulatory Requirements to Continue Operations

DIGIT — Sat, 18 Sep 2021 14:30:24 +0000

The deadline for cryptocurrency exchanges to meet the requirements to continue operations under new crypto regulations in South Korea is rapidly approaching. A total of 28 cryptocurrency exchanges have reportedly been cleared by the regulators to remain open. However, only four crypto exchanges have met the requirements to offer trading in Korean won. 28 Cryptocurrency […]

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Korean Regulator to Shut Down 11 Cryptocurrency Exchanges Ahead of Regulatory Deadline

DIGIT — Mon, 02 Aug 2021 22:30:46 +0000

South Korea’s top financial regulator will shut down 11 cryptocurrency exchanges allegedly engaged in fraudulent bank account schemes, local media reported. Meanwhile, the deadline for all crypto exchanges to comply with the country’s regulation is drawing near and most of them have not been able to meet the requirements. 11 Crypto Exchanges Could Be Shut […]

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Korean Crypto Exchanges Consider Suing Government Over Banking Requirements

DIGIT — Tue, 29 Jun 2021 23:00:32 +0000

All cryptocurrency exchanges in South Korea except the largest four may be unable to meet the bank account requirements needed to stay in business. A number of Korean crypto exchanges are considering suing the government and financial authorities, claiming that the country’s crypto law is unconstitutional. A number of exchanges are currently considering filing a […]

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