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Retail FX
News Nuggets | 3 May: BlackBull Adds DXtrade; Gate.io's New License
2023-05-03T13:13:22.510+02:00
Also, South Korean FSS investigating CFDs sales; and new BDSwiss executive.
Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
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CryptoCurrency
South Korean Crypto Exchange GDAC Loses 23% of Assets to Hackers
2023-04-10T18:52:39.680+02:00
A total of $14.2M was stolen in crypto, according to latest prices on CoinMarketCap.
GDAC has sought help from the Korean Police, KISA and FIU.
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CryptoCurrency
South Korea Uncovers $4.3B FX Transactions Linked to Crypto Speculation
2023-03-07T20:24:34.379+02:00
Regulators last July flagged crypto-linked FX transactions worth $3.1 billion.
The country also started cracking down on 16 illegal crypto exchanges last year.
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Institutional FX
South Korea Revises Decades-Old Forex Transaction Rules
2023-02-10T22:26:53.969+02:00
The country has approved nine securities firms to engage in currency exchange business.
South Korea recently announced plans to embrace offshore firms in its forex markets.
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Institutional FX
South Korea to Allow Offshore Firms to Participate in FX Markets
2023-02-07T11:09:50.509+02:00
The country will also keep the FX markets open until 2 am.
The changes will be implemented in the second half of 2024.
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CryptoCurrency
Binance Invests in Crypto Exchange GOPAX Years after South Korea Exit
2023-02-03T17:29:51.153+02:00
Binance took the capital from its $1 billion crypto recovery fund.
The crypto exchange is now licensed in 15 jurisdictions.
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News
South Korea Issues Arrest Warrant against Terra Co-Founder Do Kwon
2022-09-14T12:24:39.780+02:00
The prosecutors confirmed that he is currently in Singapore.
Five other persons are also named in the arrest warrant.
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News
Upbit and Bithumb Post Massive Decline in H1 2022 Sales and Profits
2022-08-31T09:12:40.601+02:00
These are the two largest crypto exchanges in the country.
The numbers show the bearish sentiment in the South Korean crypto market.
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Regulation
KuCoin among 16 Illegal Crypto Exchanges Operating in South Korea
2022-08-25T07:23:18.710+02:00
None of these platforms are following local guidelines for crypto exchanges.
The Financial Intelligence Unit is now pushing for blockchain access to these platforms.
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News
South Korea to Investigate Forex Transactions Linked to Crypto
2022-07-28T01:32:00.000+02:00
The 'abnormal' transactions are worth $3.1 billion.
The transactions took place at Woori Bank and Shinhan Bank.
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News
Small South Korean Exchanges Fear Shut Down amid Crypto Sell-Off
2022-07-13T01:18:00.000+02:00
Upbit, Bithumb, Coinone, Korbit and Gopax are the heavyweights in South Korea.
Experts believe it is tougher for small crypto exchanges to achieve sustainable growth.
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Retail FX
South Korean Watchdog to Investigate Forex Activity in Local Banks
2022-07-04T21:42:00.000+02:00
The investigation comes in the wake of another one launched against Woori Bank.
The Financial Supervisory Service (FSS) is in charge of the inquiries.
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Institutional FX
Woori Bank to Cooperate with Regulators over Suspicious Forex Trading
2022-06-27T21:43:00.000+02:00
The suspicious forex trades totaled $624.26 million.
The FSS is investigating the matter.
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News
South Korean Authorities Summon Employees at Terraform Labs
2022-05-30T19:22:00.000+02:00
Investigations on Terraform Labs are underway in South Korea.
Authorities are looking at LUNA's profit model.
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South Korean Exchange Korbit to Delist LUNA
2022-05-26T03:19:00.000+02:00
The exchange will halt all LUNA-related services on 3 June.
The move follows the steps of Bithumb and Upbit.
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South Korean Crypto Exchanges Warn on Litecoin Transactions
2022-05-23T19:36:00.000+02:00
Bithumb and Upbit are two of the biggest crypto exchanges in South Korea.
Litecoin released its update dubbed 'Mimblewimble'.
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News
South Korean Agency Fines Terraform Labs for Tax Evasion
2022-05-19T19:24:00.000+02:00
The authorities fined its Co-Founder Do Kwon.
Do Kwon was reportedly 'unsatisfied' with the taxation system.
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Regulation
South Korean Regulators Call for Emergency Inspection after LUNA Crash
2022-05-18T01:43:00.000+02:00
The measure comes in the wake of LUNA and TerraUSD prices' decline across the board.
TerraUSD and LUNA have attracted around 200,000 South Korean investors.
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Western Union Expands South Korea Presence, Partners with ICB
2022-03-29T11:39:21.866+02:00
The services of the payments platform will be available through the DEBUNK Remit app.
Earlier, the company partnered with another South Korean fintech.
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CryptoCurrency
South Korea’s SK Square to Launch Its Own Crypto
2022-03-25T01:49:00.000+02:00
The digital asset is intended to be used in the firm's own metaverse.
Another SK Group subsidiary signed a contract with Korbit on March 23.
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Institutional FX
South Korean Brokerages Net Profits Surged in 2021, Data Shows
2022-03-22T03:39:00.000+02:00
Transaction fees grew by 23.2% on-year to 16.8 trillion won.
South Korean banks traded a record amount of forex in 2021.
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New South Korean President Seeks to Give a Local Crypto Push
2022-03-15T23:34:00.000+02:00
He wanted to legalize ICOs that became very popular in the country years ago.
Many people see Yoon Suk-yeol as a 'crypto enthusiast' who advocates for the industry.
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South Korea’s KB Bank to Offer Crypto Investment Fund
2022-02-21T14:52:39.376+02:00
The bank formed a committee to evaluate the market and products.
It will become the first bank in the country to offer such products.
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Equinix, GIC Form Joint Venture to Build 2 Data Centers in South Korea
2022-01-27T10:29:41.646+02:00
Both data centers will be in Seoul.
It will be an expansion of the company’s hyper-scale data center program.
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CryptoCurrency
Gen.G Esports Signs Partnership with South Korean Bithumb Crypto Exchange
2022-01-27T10:21:31.357+02:00
Gen.G Esports has partnered with Bithumb exchange.
The crypto exchange will sponsor Gen.G's sports team events.
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