South Korea

Upbit Is First Korean Exchange to Register With Authorities Before September Deadline

Crypto exchanges that don't register by Sept. 24 face being shut down in South Korea.

News  ·  23 August 2021

Operator of South Korea’s Largest Exchange Rolls Out ‘Travel Rule’ Solution in Singapore

The blockchain research arm of Upbit's operator has launched its VerifyVASP in Singapore, a solution for combating crypto money laundering.

News  ·  17 August 2021

LINE’s Crypto Exchange to Cease Activity in South Korea Ahead of Regulatory Deadline: Report

The development shows potential for many foreign exchanges to pull or limit services within the country ahead of tougher regulations.

News  ·  17 August 2021

Binance Discontinues South Korean Won Trading Pairs, Payment Options

The crypto exchange will discontinue Korean language support and remove won trading pairs.

News  ·  13 August 2021

Top South Korean Money Transfer Firm Joins RippleNet to Further Remittances to Thailand

Ripple is focusing on Asia, which the company has said is its fastest-growing market.

News  ·  11 August 2021
South Korea

Korean Crypto Exchanges Paid $14.7M to Banks for Name Verification Services: Report

Exchanges have to set up partnerships with banks for real-name verification by Sept. 24.

News  ·  10 August 2021

South Korea’s Financial Watchdog Warns Foreign Exchanges Must Register in 2 Months

The Korea Financial Intelligence Unit is pushing for exchanges to register in line with new anti-money laundering laws.

News  ·  22 July 2021
Crypto Custody

Another Large Bank in South Korea to Provide Custody of Crypto Assets

Woori Financial Group is joining forces with bitcoin exchange Coinplug to offer the service.

News  ·  11 July 2021
Money Laundering

Korean Authorities Investigate 33 People for $1.48B in Illicit Crypto Transactions

Fourteen were referred for prosecution, 15 were fined and four remain under investigation.

News  ·  8 July 2021

South Korean Prosecutors Indict Former Bithumb Chairman in $100M Fraud Probe

Lee Jung-hoon allegedly took the funds from BK Group owner Kim Byeong-gun as an upfront "contract fee" in acquisition negotiations.

News  ·  7 July 2021
South Korea

Korea’s First Bank Joins Messaging Giant Kakao’s Blockchain Governance Council

Shinhan joins a number of existing council members including LG Electronics, Binance and Worldpay, among others.

News  ·  29 June 2021

Upbit, Bithumb Delist Numerous Coins Ahead of South Korean Regulatory Review

The move caused prices for many altcoins to plummet by 50% or more, causing considerable losses among retail investors.

Policy & regulation  ·  24 June 2021

South Korea Seizes $47M Worth of Crypto for Back Taxes: Report

Officials called it the largest "cryptocurrency seizure for back taxes in Korean history."

News  ·  23 June 2021
South Korea

South Korean Banks to ‘Review’ Partnerships With Crypto Exchanges

There are no guarantees that even the "Big 4" Korean crypto exchanges will survive the imminent regulatory tidal wave.

Policy & regulation  ·  21 June 2021

South Korean Exchanges Halt Trading on Certain Cryptos as Regulatory Pressure Mounts

Upbit, Huobi and Coinbit are among the cryptocurrency exchanges outlined in the report that have halted trading on certain coins.

News  ·  16 June 2021