• 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

Long-term XRP Investors Withdraw Significant Amounts

chest

Long-term XRP investors have recently withdrawn 825 million tokens, marking a significant dip in their holdings.

user avatarGustavo Mendoza

Hackers Embed Crypto Wallet-Stealing Malware in Popular AI Tool

chest

Hackers have embedded crypto wallet-stealing malware in a popular AI tool, allowing it to execute silently and target users' wallet credentials.

user avatarRajesh Kumar

UK Government Implements Ban on Cryptocurrency Donations to Political Parties

chest

The UK government has announced a complete and immediate ban on cryptocurrency donations to political parties, citing concerns over election transparency and national security.

user avatarLuis Flores

Meme Coin 'KitKat' Experiences Trading Surge After Theft

chest

Meme coin 'KitKat' experiences a trading surge after the bizarre theft of over 413,000 KitKat bars, with a price increase of approximately 203% in one hour and over 2,300% in six hours.

user avatarArif Mukhtar

Truck Loaded with 413,000 KitKat Bars Disappears

chest

A truck loaded with more than 413,000 KitKat bars vanished on its way from Italy to Poland, raising alarms about cargo theft.

user avatarMaria Gutierrez

Ethereum Price Faces Potential Drop to $1,200

chest

Analyst Leshkaeth warns that Ethereum's Ether (ETH) could decline towards the $1,200 region if key support at $1,990 is breached.

user avatarDavid Robinson

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.