Binance, the largest shareholder of Gopax, the domestic virtual asset exchange, has expressed its commitment to providing “lateral support” for the normal operation of Gopax in the future. This move is seen as a response to recent speculation regarding Binance handing over its stake to Citylabs, whi
It has been revealed that individuals and corporations residing in South Korea declared virtual assets held in overseas accounts last year, amounting to a staggering 131 trillion won (US$98.72 billion). This constitutes a whopping 70 percent of the total reported amount for overseas financial accoun
There is no sign of an end in the aftermath of the suspension of deposits and withdrawals at Haru Invest, a Korean cryptocurrency management company. Delio, considered to be number one in the Korean cryptocurrency industry, suspended withdrawals, prompting investors to file a criminal class action s
Binance acquired 40 percent of Gopax, the fifth-largest cryptocurrency exchange in South Korea, early this month as a preparation to enter the South Korean market. According to industry sources, the South Korean government is likely to put the brakes in that adequate supervision is not easy. At pres
Cryptocurrency market watchers pointed out that the Luna Foundation Guard recently transferred US$3.5 billion of BTC to Gemini and Binance and the fund is currently untraceable.“How the foundation used the huge amount of BTC cannot be found as of now,” one of them said, adding, “One of the possibili
The world’s first mandatory cryptocurrency travel rule became effective in South Korea on March 25 so that sender and receiver information is confirmed by an exchange each time a request is made for a deposit or withdrawal of one million won or more.Exchanges are not fully prepared yet. For example,
SM Brand Marketing announced on Feb. 23 that it has signed a business agreement with Binance for collaboration in the blockchain industry.According to the agreement, the two companies will collaborate to expand their play-to-create (P2C) ecosystem in which users can create games, music, dance and go
Bithumb announced on Jan. 26 that customers can transfer virtual assets only to overseas exchanges that had passed an anti-money laundering risk assessment review. As of Jan. 26, exchanges that passed the review were Coinbase, Kraken, Coincheck, Bitflyer, Bybit, Gemini, Coinlist Pro, Phemex and BitB
With the revised Act on Reporting and Use of Specific Financial Transaction Information scheduled to take effect on Sept. 25, foreign cryptocurrency exchanges are closing their services in South Korea one after another in order not to violate the law.Bitfront announced on Aug. 15 that its services i
Binance is reducing its services for South Korean users as the South Korean government is trying to regulate it.Binance removed the KRW option from its currency setting in the evening of Aug. 10. Earlier, in the afternoon that day, the cryptocurrency exchange stopped providing its services in Korean
The Korea Financial Intelligence Unit has told 27 foreign cryptocurrency exchanges to report themselves by Sep. 24 in accordance with the Act on Reporting and Use of Specific Financial Transaction Information.According to the Financial Services Commission, the 27 exchanges are providing their servic
The so-called kimchi premium is reappearing as the domestic virtual asset market is heating up.As of 16:00 March 25, the bitcoin price on Binance was approximately 60.1 million won and that on UPbit was 64.8 million won, which means a premium of about 8 percent. The premium was 7.9 percent, 8 percen
Korea’s virtual asset exchange Upbit was ranked among the world’s top 10 virtual asset exchanges in terms of the number of visits and liquidity.CoinMarketCap, a global virtual asset data provider, has changed its criteria for assessing virtual asset exchanges from the amount of transactions to inter
Malta-based cryptocurrency exchange Binance announced on Feb. 16 that it has opened cryptocurrency purchase services based on the 15 currencies including the South Korean won. Market watchers say Binance’s South Korean market penetration is likely to take shape based on the new service.The other cur
Global cryptocurrency exchange Binance announced on Jan. 16 that it has invested in Korean startup BXB to enter the Korean cryptocurrency market.BXB is a startup that issues stablecoins. A stablecoin is a new class of cryptocurrency backed by a reserve asset to offer price stability."We are currentl
South Korean blockchain startups are listing their cryptocurrencies on overseas exchanges one after another. Foreign exchanges have opened the Korean won money market to attract South Korean cryptocurrency projects.The number of South Korean companies listing their early-stage blockchain projects on
SOMESING, a Korean startup that operates a blockchain-based social music karaoke app, announced on April 22 that it has signed a strategic partnership with Contentos, a decentralized global content ecosystem, to work together to increase the value of digital content through blockchain.SOMESING has a
Binance, the world's largest cryptocurrency exchange by market volume, has started over-the-counter (OTC) trading services.The volume of transactions inside the cryptocurrency exchange is on the decrease due to a weakening cryptocurrency market, while OTC transactions made directly between two p
Chinese cryptocurrency exchanges, which rank 1st to 3rd in the global virtual currency exchange rankings, are actively advancing into the Korean market.Following Huobi Korea's official declaration that it will open a market where virtual currencies can be traded in Korean won by the end of this
KINTEX, an exhibition convention center in Goyang City northwest of Seoul, announced on Nov. 26 that it will hold the 5th Inside FinTech Conference and Expo from Nov. 29-30.The event, jointly hosted by by KINTEX and Rising Media, a U.S. event organizer, will be attended by some 2,000 international f