Korean Exchanges Delist High-risk Coins as They Face Tough Regulations
Crypto trading platforms in South Korea are delisting certain digital currencies as they move to comply with stricter rules for the industry. The trading of some high-risk coins has been either halted or completely suspended on several Korean exchanges this week. South Korean Exchanges Wipe Trading Lists of Risky Digital Assets Trying to meet Seoul’s tougher new rules for the cryptocurrency sector, Korean exchanges are now purging their trading lists of high-risk assets. According to a report by Arirang, a number of crypto trading platforms have temporarily halted or ended the....
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Amid increasing scrutiny and demand from regulators, South Korean crypto exchanges are sifting through their supported assets and delisting or placing high-risk coins on an investor warning list. South Korea's cryptocurrency market continues to transform under the weight of mounting regulatory pressures. Major crypto exchanges such as Upbit have this week moved to delist or warn against specific digital assets they have judged to be high-risk for investors. The trend, as local reporters note, has seemingly been sparked by the increasing level of intervention by financial regulators into....
Exchange tokens are falling under the scrutiny of South Korean regulators. The increased regulatory scrutiny that befell South Korea’s cryptocurrency space in recent times appears to have extended to include exchange tokens.Exchange tokens are tokens issued by a cryptocurrency exchange that usually offer some benefit to the holder, either through reduced trading fees, regular token burns or other means. According to a report by Arirang on Thursday, cryptocurrency exchanges are being prohibited from handling any coins or assets issued by themselves. The law also extends to any assets issued....
While Bittrex gave no reason for the removals, exchanges around the world have been moving to delist coins that seek to hide the activity of their users.
Crypto exchanges operating in the country that do not register by September 24 face potential fines or even jail time. The South Korean government announced today that crypto exchanges will face punishment if they have not voluntarily registered with the country’s authorities by September 24.This new set of regulations will reportedly affect both exchanges based in South Korea and foreign exchanges that operate in Korean markets. According to the release, that includes any exchange where the Korean language is supported, marketing is geared toward Koreans, or payments can be made using the....
Five South Korean cryptocurrency exchanges recently said they will delist litecoin because the crypto asset’s Mimblewimble Extension Blocks (MWEB) upgrade violates the country’s laws. As a result, the exchanges’ users cannot use the Korean won to trade the crypto asset, which has since been named a “dark coin.”
Upgrade Violates Specific Financial Information Act
Following the recent Mimblewimble Extension Blocks (MWEB) upgrade to litecoin, five of South Korea’s major cryptocurrency exchanges, namely Upbit, Bithumb, Coinone, Korbit, and....