South Korea Orders Crypto Exchanges to Halt Lending Services Amid Regulatory Crackdown
South Korea’s financial regulator has issued a sweeping directive ordering domestic cryptocurrency exchanges to suspend all crypto lending services, citing mounting risks to investors and concerns over market stability. The Financial Services Commission (FSC) said the decision was made after identifying potential threats posed by lending products that operate in a legal gray area and […]
27% of Koreans aged 20–50 hold crypto, 70% eye more investments
Cryptocurrency ownership is rapidly gaining traction in South Korea, particularly among adults aged 20 to 50. A recent nationwide survey reveals that 27% of individuals in this age group currently hold digital assets, marking a significant shift in investment behavior. Even more striking, 70% of these investors intend to expand their crypto holdings in the […]
South Korean Banks to Launch Won-Pegged Stablecoin by 2026
South Korea’s banking sector is preparing for a major leap into digital finance, as eight of the country’s largest financial institutions plan to launch a won-pegged stablecoin by 2026. This development marks a significant shift in the adoption of blockchain-based financial products within the traditional banking system, setting the stage for a more regulated and […]
Delio Platform Goes Bankrupt With $1.75B in Assets Lost
On November 22, a court in Seoul declared Delio platform, a South Korean virtual asset deposit platform, insolvent, according to numerous local press reports. Last year, Delio suspended withdrawals due to its outstanding debt of 245 billion won ($1.75 billion) to its customers. Delio says there is possibility of resolving customer issues The platform will […]
Upbit Refunds 8.5 Billion Won After Crypto Hack
Upbit continues to address the fallout from the 2019 Lazarus Group attack, where 342,000 ETH (1.4 trillion won) were stolen. Upbit, the largest cryptocurrency exchange in South Korea, distributed around 8.5 billion won, which is equivalent to $6.07 million, to 380 individuals who had been victims of voice phishing. Dunamu, the operator of Upbit, utilized […]