South Korean Crypto Exchange Becomes the First Overseas Platform Legally Reco...
A South Korean cryptocurrency exchange announced it established its first legally recognized branch in China. Although the nation banned all local crypto trading services, DBX said the firm already obtained a license to go ahead with the operations. Final Certificate of Incorporation Granted on February 5 According to Money Today, DBX received the operating license to establish the subsidiary in China as part of its overseas expansion plans. The crypto exchange is affiliated with the Korea Blockchain Coordination Association. Per the details given by the exchange, the Chinese government....
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Overseas crypto exchanges marketing to Koreans will be blocked if they fail to comply with new South Korean regulations. The country’s anti-money laundering body has sent a notice to a number of foreign trading platforms warning them a registration is mandatory in order to provide services to Korean residents. Korean Financial Intelligence Unit Notifies Foreign Crypto Exchanges of Registration Obligations Access to foreign-based cryptocurrency exchanges can be denied and the platforms may face criminal investigations in South Korea if they don’t comply with the country’s....
More than 30 people are facing fines and prosecution in South Korea for allegedly contravening the country’s ban on overseas crypto transactions. An interagency investigation into suspected crypto fraud and money laundering in South Korea has led to the discovery of 1.69 trillion won (about $1.48 billion) in illegal overseas cryptocurrency transactions.According to The Korea Times, 33 people have been implicated by the Seoul Central Customs for contravening the country’s ban on overseas crypto trading. Detailing the alleged crimes committed, Lee Dong-hyun of the Seoul Central Customs’....
South Korean financial regulators are looking into the massive amount of foreign remittances of cash that came from crypto exchanges. South Korean banks are being investigated for their role in facilitating $6.5 billion in suspicious overseas remittances which have been tied to companies arbitraging cryptocurrency. According to an Aug. 15 report from Asia Times, the Financial Supervisory Service (FSS) ordered an investigation into South Korean banks last month after identifying a significant amount of overseas remittance transactions at the end of June.The investigation found that a....
Per a report from a local news media, the CEO of an unnamed South Korean crypto exchange platform was arrested for his alleged connection to an espionage operation. The executive was acting as an intermediary between a North Korean agent and elements in the South Korean army, the report claims. Related Reading | Illegal Crypto Exchange […]
Crypto exchange Binance has announced a discontinuation of South Korean Won trading pairs and language support. Crypto Exchange Binance Pulls Out Of South Korea As per an announcement on the firm’s website, the platform no longer offers support for certain South Korea-related services. These discontinued Binance services include South Korean Won (KRW) trading pairs, KRW […]