South Korea’s Inspection of 600 Tokens Sparks Panic Among Altcoins
South Korean exchanges‘ inspection of 600 tokens post-virtual asset law implementation next month triggers panic and altcoin price declines, despite government assurances of non-involvement. A South Korean news outlet has announced that 600 tokens will be inspected by exchanges following the implementation of the virtual asset law, which is scheduled to take place next month. […]
South Korea May Delist 600 Altcoins Under New Law
South Korean financial authorities may delist about 600 altcoins this year under the new Virtual Asset User Protection Act. According to Korean news medium Dnews, which cites sources familiar with the situation, South Korea’s financial authorities will start re-evaluating more than 600 cryptocurrency listings on local trading platforms in July after the implementation of the […]
South Korean Bank Staff Embezzles $7.5m to Invest in Crypto
Woori Bank employee in South Korea revealed to police that she stole $7.3 million to finance his cryptocurrency ventures, most of which failed. Local news sources claim that on June 10, the unidentified employee went to the West Gimhae Police Station in South Gyeongsang Province to disclose the scope of their offenses. According to investigators, […]
South Korea FSC Labels Mass-produced NFTs as virtual Assets
The Financial Services Commission (FSC) OF South Korea has issued guidelines that categorize nonfungible tokens (NFTs) as virtual assets. The FSC will regulate NFTs like crypto if they do not exhibit characteristics that distinguish them from virtual assets, according to a report by local media outlet News1 on June 10. Virtual assets will be defined […]
Gopax Reportedly Sells Genesis Creditor Claims at Discount Price
In August 2023, Gopax, a Binance-owned top-five South Korean cryptocurrency exchange by market share, allegedly sold its Genesis creditor claims for half their face value. Hankyung, a local news agency, and Korea Economic Daily reported on May 27 that Gopax owes its consumers a total of 70 billion South Korean won ($51.4 million) for exposure […]