South Korean cryptocurrency exchange Upbit has been hit with a partial business suspension by the country’s Financial Intelligence Unit (FIU), temporarily preventing new customers from conducting crypto deposits and withdrawals. According to a report by Korea Daily News on February 25, the FIU imposed a three-month restriction on Upbit’s new ...
South Korea’s Supreme Court has ruled that the collapsed stablecoin TerraClassicUSD (USTC) and its sister token Terra (LUNA) do not qualify as financial investment products. According to a local news outlet Etoday, the court gave the ruling as it dismissed a prosecution request to seize assets from Terraform Labs co-founder ...
South Korea’s Financial Services Commission (FSC) is preparing to announce its decision on potential sanctions against Upbit, the country’s largest cryptocurrency exchange, following extensive customer identity verification regulations violations. According to The Korea Times, an investigation into Upbit’s business license renewal uncovered over 700,000 instances of non-compliance with key anti-money ...
South Korea’s Financial Services Commission (FSC) has announced a significant policy shift, allowing institutions to sell digital asset donations and expanding banking services for cryptocurrency firms. Under the new regulations, charities and universities will be permitted to sell their crypto donations starting in the second half of 2025. This marks ...
Jung Eun-bo, chairman of the Korea Exchange (KRX), emphasized the urgent need for South Korea to introduce cryptocurrency exchange-traded funds (ETFs) to stay competitive in global finance. He noted that South Korea is the third-largest real cryptocurrency trading market but warned that delaying ETF approval could hinder the country's progress ...
South Korean lawmaker Kim Nam-kuk has been reportedly acquitted of charges for concealing his cryptocurrency holdings. A court ruled that he was not legally required to disclose virtual assets at the time of the accusations. In a verdict delivered by Judge Jeong Woo-Yong of the 9th Criminal Division of the ...
South Korea's cryptocurrency exchange market is shrinking, with new government data revealing a sharp decline in the number of registered virtual asset service providers. According to local news outlet Dailian, a February 7 report from the country's Financial Intelligence Unit (FIU) showed that registered crypto trading firms have fallen to ...
The city of Gwacheon has announced plans to introduce an electronic system for seizing virtual assets, according to South Korean media outlet Energy Kyungjae. This initiative is part of a broader effort to enhance tax enforcement, with officials planning to deploy the technology across Gyeonggi Province to track down cryptocurrency ...
South Korea’s largest cryptocurrency exchange, Upbit, has officially added trading support for the Virtuals Protocol (VIRTUAL) token. The exchange confirmed in a recent announcement that VIRTUAL would go live for trading on its platform at 8:00 PM KST on January 31. The token will be available in pairs with the ...
South Korea is reportedly set to launch a specialized unit dedicated to combating cryptocurrency-related crimes. According to local reports, the country’s Ministry of Justice published a proposal to establish the Joint Investigation Unit (JIU) for Virtual Asset Crimes as a full-fledged department within the prosecution service. The unit ...
