Retail cryptocurrency trading in South Korea has reached new heights, surpassing the country’s stock market by $4 billion in just 24 hours. The increase was driven by major trading activity in several altcoins, including Ripple’s XRP, Dogecoin (DOGE), Stellar (XLM), Ethereum Name Service (ENS), and Hedera (HBAR). South Korea’s Retail Crypto Trading Hits $18 Billion […]
South Korean authorities have arrested 215 individuals in connection with a massive cryptocurrency investment scam worth an estimated 325.6 billion won – around $232 million. The arrests, led by the Anti-Corruption and Economic Crime Investigation Unit of the Gyeonggi Southern Provincial Police, involve employees of a fraudulent investment consulting firm and its founder, who happens […]
According to a new report by the Financial Intelligence Unit (FIU), South Korea’s cryptocurrency investor base has surged to 7.78 million. This figure marks a 21% increase from the previous year. The “Virtual Asset Business Survey” shows domestic crypto investors increased by 1.33 million compared to the second half of 2023, driven largely by an […]
South Korea now recognizes cryptocurrency holdings as divisible assets during divorce proceedings. According to a leading law firm in the country, IPG Legal, cryptocurrencies like Bitcoin (BTC) can be included in the marital estate, allowing couples to divide them upon separation. Digital Assets Considered Property in South Korea In an October 10 blog post, lawyer […]
Financial Services Commission Chairman Kim Byung-hwan said he would “look into it” regarding the market domination of the country’s leading crypto exchange Upbit. In a national assembly meeting, legislator Lee Kang-il raised issues about Upbit’s dominance and its close partnership with the local bank, K-Bank. The online banking firm holds a significant portion of Upbit’s […]
South Korea’s Ministry of Strategy and Finance announced on October 8 that it is reviewing measures to regulate stablecoins more strictly. This decision comes amidst increasing criticism that stablecoins are emerging as a hidden threat in the foreign exchange landscape due to inadequate government oversight. Rising Cross-Border Use and Industry Criticism According to local media […]
The Seoul Metropolitan Police Agency’s Financial Crimes Investigation Unit has reportedly apprehended 14 individuals involved in a $12.8 million (16 billion won) crypto mining scam. The operation’s ringleader, a man in his 40s identified only by his surname Lee, went to extraordinary lengths, including undergoing plastic surgery, to avoid detection by law enforcement. Mastermind Had […]
A lengthy court battle to extradite a disgraced crypto mogul, Do Kwon, has seemingly come to a close following a court ruling Thursday. The Appellate Court of Montenegro ruled that Kwon – founder of the defunct Terra blockchain – will be sent to South Korea for prosecution. Do Kwon Set For South Korea The latest […]
Upbit, a cryptocurrency platform based in South Korea, is responsible for over 80% of the country’s trading activity and has become among the world’s leading five exchanges in terms of trading volume. According to a Bloomberg report, Upbit’s customers were responsible for nearly a fifth of the total deposits from its major banking partners last […]
The Korean crypto markets have recently experienced a surge in trade volume, reaching heights not seen in over two years. According to a report from Kaiko, the first quarter of 2024 marked an important milestone as the South Korean Won (KRW) surpassed the U.S. Dollar (USD) in terms of cumulative trade volume. Competition and Shifting […]
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