• 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

Liberland Congress Removes Secretary of Technology Amid Controversy

chest

The Congress of Liberland has voted to remove Dorian Stern Vukoti from his role as Secretary of Technology due to serious allegations including the removal of multisig protections and unauthorized actions.

user avatarFilippo Romano

Bitcoin ETFs See Major Inflows After Nearly a Month

chest

Bitcoin ETFs have recorded their first major net inflow in almost a month, attracting a total of $859 million in capital yesterday.

user avatarEmily Carter

SBF's Appeal Rejected by Second Circuit Court

chest

Sam Bankman-Fried's appeal for a new trial in the FTX fraud case was denied by the Second US Circuit Court of Appeals, upholding his convictions and limiting his legal options.

user avatarTomas Novak

DeFi Sector Achieves Record $175 Million Fundraising

chest

In a groundbreaking move for the decentralized finance (DeFi) sector, a total of $175 million has been raised in a funding round led by Paradigm, a16zcrypto, and RibbitCapital.

user avatarKaterina Papadopoulou

XRPL Fee Data Highlights Network Activity

chest

Recent fee data indicates a drop in daily network fees on the XRP Ledger, sparking discussions about network activity and demand.

user avatarMaya Lundqvist

Governance Takeover Exploit Drains $158 Million from Token of Power Protocol

chest

A governance exploit against the Token of Power protocol resulted in a loss of approximately $158 million in WETH.

user avatarLeo van der Veen

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.