Bitcoin News and Finance
Korean Exchanges Delist High-risk Coins as They Face Tough Regulations Skip to main content

Korean Exchanges Delist High-risk Coins as They Face Tough Regulations

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 exchange of some digital coins, while warning customers to be cautious of other currencies.

Korean Exchanges Delist High-risk Coins as They Face Tough Regulations

Out of 20 exchanges that have already obtained Information Security Management System (ISMS) certification, 11 have made such changes, the publication reveled. Among them are some of Korea’s leading crypto exchange providers, with observes reading the move as an attempt to meet new requirements for government approval.

Upbit has so far decided to delist five digital currencies – paycoin, maro, observer, solve.care, and quiztok starting from Friday. Huobi Korea has discontinued trading of the Huobi token. And Coinbit has ended the trading of eight cryptocurrencies while putting another 28 coins on a warning list issued for its users.

Cryptocurrency Exchanges Trying to Please Banks and Regulators in Seoul

South Korean crypto exchanges are now required to register with the Financial Supervisory Service (FSS). In May, the government tasked the agency with the oversight of the country’s expanding digital asset market. To operate legally, the trading platforms need to open real-name bank accounts for their customers in partnership with local banks.

However, Korean financial institutions have been reluctant to get involved in the crypto space. It has been reported recently that only four crypto exchanges – Upbit, Bithumb, Coinone, and Korbit – are currently working with commercial banks to implement the real-name account system.

Korean Exchanges Delist High-risk Coins as They Face Tough Regulations

Major banking groups such as Hana have decided not to issue real-name accounts for crypto trading. K Bank, which opens accounts for crypto traders on Upbit, has expressed doubts about whether it should continue to do that. Its management is weighing up the proceeds from trading fees against risks such as hacking threats and illicit funds.

In April, the Korean Financial Services Commission (FSC) warned that around 200 domestic platforms could be shut down under the new regulations that must be enforced in September. Many smaller exchanges are failing to meet the registration requirements as banks remain concerned they could be held liable for money laundering offenses related to cryptocurrency transactions.

What do you think about the delisting of high-risk coins by crypto exchanges in South Korea? Share your thoughts on the subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory