People Power Party lawmaker Kang Min-kuk said on Sept. 22 that a total of 22 cryptocurrency exchanges have completed the Information Security Management System (ISMS) certification, they have 14,792,925 members, and their total deposits there were 61.7311 trillion won as of the end of last month.Acc
With only 10 days left before the deadline for business registration under the Act on Reporting and Use of Certain Financial Transaction Information, it has become more visible which cryptocurrency exchanges will survive. As expected, not a few exchanges are likely to be closed down.Under the new la
NH Bank extended its real-name account issuance contracts with cryptocurrency exchanges Bithumb and Coinone on Sept. 8. Shinhan Bank and Korbit finished their preparation to follow suit. The four major cryptocurrency exchanges in South Korea including UPbit are expected to be able to do their busine
Cryptocurrency exchange UPbit recorded a 24-hour trading value of 12,438.2 billion won at 08:55, Aug. 30. The combined trading value at the four major exchanges including UPbit was 13,841.8 billion won at that moment, whereas KOSPI recorded a trading value of slightly over 11 trillion won on Aug. 27
The cryptocurrency trading volume is increasing as their prices are rising. This time, the uptrend is being led by altcoins.At cryptocurrency exchange UPbit, the price of Dogecoin was 279 won at 14:00, Aug. 9 whereas the closing price was 236 won on Aug. 2. On Aug. 8, the daily highest price was 325
UPbit, Bithumb, Coinone and Korbit and K Bank, Shinhan Bank and NH Bank extended their contracts until Sept. 24 with regard to real-name account issuance for those using the major cryptocurrency exchanges.In order to keep doing business, the exchanges must report themselves to the Korea Financial In
Only four cryptocurrency exchanges (UPbit, Bithumb, Coinone and Korbit) are expected to be able to survive the ongoing restructuring led by the South Korean government.This is because Financial Services Commission Chairman Eun Sung-soo clarified on July 1 that banks will remain responsible for crypt
The Financial Services Commission is deliberating on not blaming a bank in the event of money laundering on the part of a cryptocurrency exchange. Domestic banks recently made the request and the commission’s decision is likely to be made next month.According to the request made by the Korea Federat
The revised Act on Reporting and Use of Certain Financial Transaction Information is predicted to lead to a shutdown of multiple cryptocurrency exchanges. Under the circumstances, it is predicted that the exchanges will sue the South Korean government. According to the act, each exchange must submit
Cryptocurrency exchange Coinbit suddenly postponed the delisting of eight cryptocurrencies on June 23, and then the prices of the coins surged up to 39 times from the previous day. The eight are LEX, IO, PTO, UPT, DEX, PROTO, DXR and NET.The exchange announced at 22:00, June 15 that those would be d
People Power Party lawmaker Yu Eui-dong remarked on June 21 that cryptocurrency transaction-related illegal acts uncovered from January 2018 to May this year amount to 2,024.6 billion won divided into 74 cases.According to the lawmaker, those include 1,331 billion won and 21 cases of illegal foreign
PICA Project filed a suit against Dunamu on June 21. Dunamu is currently running UPbit, the largest cryptocurrency exchange in South Korea. PICA Project is the developer of cryptocurrency PICA. The litigation is the first in South Korea between a cryptocurrency exchange and a cryptocurrency develope
Cryptocurrency exchange UPbit decided to delist the 24 cryptocurrencies it designated on June 11. The exchange made the announcement at 18:26, June 20.Trading on UPbit of the 24 cryptocurrencies is until June 28 and withdrawal will be supported for an additional 30 days.UPbit delisted five cryptocur
Since the beginning of June, a total of 37 altcoins have been delisted from 20 cryptocurrency exchanges in Korea which received the Information Security Management System (ISMS) certification.Market watchers expect that the eviction of altcoins will continue not only at small and medium-sized exchan
The financial authorities have decided to look more closely into cryptocurrency exchanges and UPbit and Bithumb, the two biggest in South Korea, are drawing particular attention.Every exchange must submit its business plan to the Korea Financial Intelligence Unit of the Financial Services Commission
The author is an analyst of Shinhan Investment Corp. He can be reached at mj1224@shinhan.com. -- Ed. KT is seeking structural changes with the vision of becoming a digital platform company, dubbed “digico.” It will focus on expanding B2B and new businesses based on artificial intelligence (AI), big
Democratic Party of Korea lawmaker Kim Byung-wook remarked on June 1 that bank deposits and withdrawals for cryptocurrency trading purposes exceeded 64 trillion won in the first quarter of this year.“The four major cryptocurrency exchanges, that is, UPbit, Bithumb, Korbit and Coinone are in business
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. KT carrying out active M&As in areas where it lacks competitivenessWe favorably view KT’s aggressive non-telecom business expansion drive, a change that began happening in earnest following the i
The Financial Services Commission announced that the number of customers of the four major cryptocurrency exchanges (UPbit, Bithumb, Coinone and Korbit) was 5,873,000 on May 3. “Their average investment was approximately four million won and the number of customers has increased very rapidly this ye
The 24-hour trading value at the 14 domestic cryptocurrency exchanges that support Korean won-based trading was 25.8517 trillion won as of 11:00, May 16. The value decreased by approximately one trillion won in one day. The four major exchanges, that is, Bithumb, UPbit, Korbit and Coinone accounted