• 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

Old Bitcoin Wallet Activates After Over a Decade

chest

A Bitcoin address that had been inactive since November 2013 has suddenly moved its entire holdings to a new wallet, generating significant interest among traders.

user avatarMaria Fernandez

XRP Encounters Resistance and Support Zones.

chest

XRP price is currently trading above 14350 and is facing significant resistance levels near 14550 and 14620.

user avatarLuis Flores

Zcash Foundation's SEC Review Ends Favorably

chest

The SEC has concluded its review of the Zcash Foundation without recommending enforcement action, easing regulatory concerns for the privacy coin.

user avatarRajesh Kumar

Grayscale Takes a Step Towards Zcash Spot ETF

chest

Grayscale has filed to convert its Zcash Trust into a spot exchange-traded fund (ETF), potentially allowing regulated exposure to Zcash in the US market.

user avatarGustavo Mendoza

XRP Price Recovery Phase Started

chest

XRP price has started a recovery wave, showing positive movement above key resistance levels.

user avatarMiguel Rodriguez

Hayes Highlights Risks and Opportunities in Crypto Markets

chest

Hayes highlights the risks and opportunities in crypto markets driven by geopolitical tensions and AI-driven inflation.

user avatarArif Mukhtar

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.