• 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

Analyst Predicts Increased Competition for Decentralized Exchanges

chest

Analyst Zero Kyle predicts that Binance's new trading service may increase competition for decentralized exchanges like Hyperliquid.

user avatarJesper Sørensen

EMURGO to Represent Cardano at TOKEN2049 Following Summit Cancellation

chest

EMURGO will represent the Cardano ecosystem at TOKEN2049 in Singapore on October 7 and 8, following the cancellation of the Cardano Summit.

user avatarFilippo Romano

Cardano Foundation Faces Second Defeat in Summit Funding Proposal

chest

The Cardano Foundation has faced a second defeat in its funding proposal for the Cardano Summit, highlighting a divide in community governance.

user avatarRajesh Kumar

Cardano Foundation Cancels Annual Summit Due to Lack of Community Support

chest

The Cardano Foundation has canceled its annual Cardano Summit after failing to secure the necessary community approval for funding.

user avatarLucas Weissmann

Coinbase Launches Direct INR Transactions in India

chest

Coinbase has launched direct deposit and withdrawal options for the Indian Rupee, enhancing its services in India.

user avatarEmily Carter

Analyst Predicts Major Breakout for XLM Amid Bullish Sentiment

chest

Crypto analyst MikybullCrypto predicts a major breakout for XLM, projecting a bull market target range between $5 and $11, citing historical patterns and current market conditions.

user avatarTomas Novak

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.