• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

South Korea's Financial Regulator Tightens Measures Against Illegal Activities on Crypto Exchanges

user avatar

by Giorgi Kostiuk

a year ago


  1. Laws and Regulations
  2. Cryptocurrency Exchanges in South Korea
  3. Current Market Situation

  4. South Korea’s Financial Supervisory Service (FSS) announced plans to crack down on cryptocurrency exchanges across the country. This marks the first big move under the new Virtual Asset Users Protection Act.

    Laws and Regulations

    This law packs a serious punch, including life sentences for those who illegally rake in more than 5 billion won (about $3.7 million). South Korea’s exchanges collectively represent about 5% of the global cryptocurrency trading volume.

    The FSS will establish market order through stern punishment against illegal activities that may be identified in the process of its inspection, and will push for the revision of regulations if necessary by identifying the areas in the system where improvements are needed.

    Cryptocurrency Exchanges in South Korea

    Altogether, the country hosts four major won-based exchanges: Upbit, Bithumb, Coinone, and Korbit. Beyond those, the FSS will also be scrutinizing three more exchanges and one cryptocurrency wallet provider. Upbit controls roughly 83% of the total trading volume, with Bithumb at second place with 13%, while Coinone and Korbit each hold around 1.1%.

    Current Market Situation

    The surge in activity is partly due to the renewed interest in crypto after the recent changes in regulations. High trading volumes in South Korea are largely driven by retail investors, who are known for their active trading strategies and interest in altcoins. In contrast, markets like the U.S. see more institutional trading. The total daily trading volume across all cryptocurrency exchanges is approximately $20 billion. Binance leads with a daily trading volume of about $7.29 billion. Binance has reported holding approximately $92.7 billion in total assets across its platform, including various cryptocurrencies and stablecoins. Coinbase’s reserves are estimated at around $30 billion, primarily in Bitcoin and Ethereum.

    The tighter controls on cryptocurrency exchanges in South Korea aim to ensure user safety and prevent illegal activities. The new law reflects the regulators' serious intentions to maintain order in the cryptocurrency market.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

CryptoQuant Details Methodology for Tracking Institutional Bitcoin Accumulation

chest

CryptoQuant's CEO Ju Kiyoung explains the methodology used to track institutional Bitcoin accumulation, focusing on US custody wallets.

user avatarJacob Williams

Hyperliquid Faces Selling Pressure Despite Whale Activity

chest

Hyperliquid is experiencing selling pressure despite significant whale activity, with a recent 648K HYPE withdrawal failing to change market direction.

user avatarZainab Kamara

Ozak AI Presale Phase Attracts Interest with Utility Narrative

chest

Ozak AI is marketed as a presale AI token with a clear pricing strategy and significant funds raised. Currently in Phase 7, it has a token price of 0.0014 and has raised over 57M, indicating consistent buying interest.

user avatarAyman Ben Youssef

BlockDAG Leads Crypto Presales with Aggressive Pricing and Timeline

chest

BlockDAG is gaining attention in the crypto presale market due to its low entry price and imminent deadline.

user avatarSon Min-ho

Hindustan Zinc Reports Significant Profit Increase

chest

Hindustan Zinc has reported a 462% profit jump in Q3, driven by increased silver prices.

user avatarTando Nkube

Nifty Metal Index Rallies Amid Silver Demand

chest

The Nifty Metal Index has seen a remarkable rally, marking its best opening quarter since 2018, fueled by the surge in silver prices and demand.

user avatarKofi Adjeman

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.