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South Korean exchange Bithumb has resumed deposit and withdrawal services for a number of cryptocurrencies after the recent hack. Another major Korean exchange, Upbit, has released an audit report showing more crypto and cash reserves than needed to pay customers. Meanwhile, all customer deposits at Korbit will now be held by a bank. Also read: Yahoo! … Read more
Bithumb, South Korea’s biggest crypto exchange as of May, is officially resuming deposits and withdrawals on August 4, after a month of freezing the platform. Potential Impact of Restoration of Bithumb’s Operations In June, Bithumb experienced a $40 million hacking attack which led to the loss of investors’ funds, falling victim to a major security … Read more
Bithumb has suspended issuing new virtual accounts to crypto traders starting on August 1 after failing to renew the contract with its bank. These accounts are part of the real-name system enforced by the Korean government earlier this year. Only three exchanges in the country are now reportedly able to open new virtual accounts for … Read more
The South Korean government has announced a new set of tax law amendments. Under this proposal, bitcoin exchanges will no longer be eligible for income and corporate tax deductions currently enjoyed by small and medium-sized businesses. The regulators have also been considering imposing capital gains tax on the sale of cryptocurrencies. Also read: Yahoo! Japan Confirms … Read more
Binance is preparing to expand into South Korea, having already hired Koreans for some local positions. CEO Changpeng Zhao has stressed the importance of the Korean market, noting that some Koreans are already using Binance, especially to trade newer coins. However, the exchange is reportedly waiting for the country’s crypto regulatory framework to be fine-tuned … Read more
South Korea’s top financial regulator is planning a major organizational restructuring that includes introducing some new crypto policy initiatives. A bureau dedicated to financial innovations that include cryptocurrencies is being set up. In addition, an agreement with Chinese authorities relating to crypto and initial coin offerings has also been reached. Meanwhile, the contracts between Korean … Read more
The self-regulatory inspection of South Korean cryptocurrency exchanges is complete. Fourteen out of 23 exchanges agreed to be inspected. Twelve met the self-regulatory standards despite security flaws, raising questions of how effective the inspection is. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space 12 Exchanges Pass Security Checks The Korea Blockchain Association (KBA) held … Read more
The South Korean government has been criticized for not doing enough to help prevent hacking at cryptocurrency exchanges. Data obtained by the regulators show that three crypto exchanges were hacked, with damage of almost $1 billion, after having gone through an inspection by the government. Meanwhile, one of the nation’s largest crypto exchanges, Upbit, has denied … Read more
The world’s sixth-largest cryptocurrency exchange, Bithumb, was hacked and approximately $30 million worth of cryptocurrencies were stolen. The exchange broke the news of the hack via Twitter, where it also informed its users that it was changing its wallet system due to safety concerns. This isn’t the first time that Bithumb, which is the second-largest … Read more
This week, Hankyung, a major mainstream media outlet in South Korea, reported that dozens of new cryptocurrency exchanges are set to launch in the country in the next few months with a primary focus on integrating new digital assets. Integration First, Security Second Over the past three months, Huobi Korea, Cashierest, Coincom, Coinworld, UIOEX, Genix, … Read more
