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The Korea Times

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Cryptocurrency

Mon, March 27, 2023 | 07:10

Authorities to ban access to unauthorized foreign crypto exchanges

Authorities to ban access to unauthorized foreign crypto exchanges

The Korea Financial Intelligence Unit (KoFIU) has urged caution on the part of local clients of overseas cryptocurrency exchanges to verify whether they have been registered under the Korean financial authority. The KoFIU announced a total of 16 virtual asset service providers (VASPs) on Thursday, which had failed to register themselves with the financial authority, and are t...

Anna J. Park | 2022-08-18 16:21

FIU requests probe into 16 foreign digital asset exchange operators for unreported biz activities

FIU requests probe into 16 foreign digital asset exchange operators for unreported biz activities

South Korea's financial watchdog said Thursday it has asked law enforcement authorities to investigate 16 foreign digital asset exchange operators for their unreported business activities.

2022-08-18 14:37

Bitcoin's role expected to expand as investors circumvent capital controls: Bithumb research chief

Bitcoin's role expected to expand as investors circumvent capital controls: Bithumb research chief

More people will have a stronger interest in Bitcoin and other forms of commodity-backed currencies, as the United States has been gesturing that it wishes gradually to lessen its role as “the world's police,” a crypto expert based in Seoul said. “As was shown in the war between Russia and Ukraine, the U.S. has strategically shifted its long-standing position by reducing its ...

Lee Min-hyung | 2022-08-17 09:00

Do Kwon says he will cooperate with investigation

Do Kwon says he will cooperate with investigation

Do Kwon, the co-founder of Terraform Labs, has shared his plan to cooperate with the ongoing investigation by the Korean prosecution, but declined to confirm when it will be, citing no charges have been brought against him over the collapse of the Terra-Luna cryptocurrencies. Kwon has made no public appearances since the Terra stablecoin and its sister token plummeted in May,...

Lee Min-hyung | 2022-08-16 15:51

Ethereum founder expects crypto payments to become prevalent soon

Ethereum founder expects crypto payments to become prevalent soon

Cryptocurrency moguls here and abroad shared their vision on blockchain technology during Asia's largest fair which kicked off its two-day run in Seoul, Monday. The Korea Blockchain Week 2022, co-hosted by FactBlock and Hashed, is an annual event that has taken place since 2018. For this year, a group of crypto magnates, such as Ethereum founder Vitalik Buterin and Binance CE...

Lee Min-hyung | 2022-08-08 16:12

Dunamu to support youths who have to leave foster care centers

Dunamu to support youths who have to leave foster care centers

Underprivileged children and minors who have been living in foster care facilities, foster homes, or other shelters for teenagers face a harsh reality when they come of age. They have to leave such facilities and stand on their own when they reach 18, according to the Child Welfare Act. But because they do not have homes to reside in or stable jobs, they often suffer economic...

Yoon Ja-young | 2022-07-30 09:00

Top management's legal issues weigh on Bithumb sale

Top management's legal issues weigh on Bithumb sale

FTX's planned acquisition of Bithumb, the second-largest crypto exchange in Korea, is expected to hit a snag due to ongoing legal issues surrounding the exchange's top management. Lee Jung-hoon, the former chairman of Bithumb Holdings, is on trial for charges of fraud after BK Group dropped its plans to acquire the crypto exchange. According to the prosecution, Lee allegedly ...

Lee Min-hyung | 2022-07-27 16:34

Crypto exchanges lay low as prosecution escalates probe into Luna saga

Crypto exchanges lay low as prosecution escalates probe into Luna saga

Cryptocurrency exchanges here are keeping a low profile as the prosecution intensifies its investigation into their trading records on the ill-fated stablecoin Terra and its sister token Luna. The probe was targeted on Korea's seven main crypto exchanges including Upbit and Bithumb. The prosecution searched their headquarters for three days from July 20 to seize their trading...

Lee Min-hyung | 2022-07-25 17:04

FTX's reported acquisition of Bithumb boosts crypto stocks

FTX's reported acquisition of Bithumb boosts crypto stocks

Shares of Vidente, the largest shareholder of Bithumb, soared by around 30 percent Monday amid FTX's reported plan to take over the Korean crypto exchange operator. Vidente is the largest shareholder of Bithumb Holdings with a 34.22 percent stake. The stock of the company closed with an eye-catching gain of 29.77 percent, or 2,730 won on tech-heavy Kosdaq.

Lee Min-hyung | 2022-07-25 17:03

Bitcoin inches down ahead of Fed's rate hikes

Bitcoin inches down ahead of Fed's rate hikes

Bitcoin has extended a slight loss ahead of a possible giant rate hike of 75 basis points by the U.S. Fed this week, with investors remaining cautious due to fears concerning the after-effects of the hawkish move. The price of Bitcoin fell by more than 1 percent as of 2 p.m. Sunday from a day earlier. The world's largest cryptocurrency was traded at around $22,700, showing no...

Lee Min-hyung | 2022-07-24 16:34

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