• 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

2 years 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

Samson Mow Calls for Strategic Flexibility in Bitcoin Treasury Companies

chest

Samson Mow emphasizes the need for flexibility in Bitcoin treasury strategies, arguing that selling Bitcoin can protect shareholders and manage market pressures.

user avatarBayarjavkhlan Ganbaatar

Doctor Profit Predicts Final Stage of Bitcoin Bull Trap

chest

Crypto analyst Doctor Profit predicts that Bitcoin is in its final stage of a bull trap before a significant downtrend, anticipating a drop to around 50,000.

user avatarMohamed Farouk

CryptoCon Warns Bitcoin Bottom Not Yet In

chest

Crypto analyst CryptoCon warns that the Bitcoin bottom is not yet in, indicating a potential downside move despite a recent rally, based on a bear flag pattern.

user avatarDiego Alvarez

Analysts Provide Insights on XRP's Price Action

chest

Analysts provide insights on XRP's price action and potential breakout scenarios.

user avatarElias Mukuru

Grant Cardone Boosts Bitcoin Investment Amid Real Estate Deal

chest

Grant Cardone announces a $100 million investment in Bitcoin as part of a $235 million real estate deal, aiming to accumulate 10,000 BTC by 2026.

user avatarMaria Fernandez

White House Aims for Clarity Act Passage by July 4

chest

The White House has outlined a timeline for the Clarity Act, aiming for its passage by July 4.

user avatarKenji Takahashi

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.