Posted on

This S. Korean Association Approved 12 Local Exchanges. New Money Expected in the Crypto Markets

Any crypto-enthusiast or crypto-trader who was active around January this year, can attest to the fact that South Korean crypto-trading made up the bulk of the action in the crypto-markets. But as soon as the government officials in the country started hinting at a complete ban on crypto-trading around late January, the crypto-markets were never the same again. What proceeded was FUD after FUD that caused a continual decline of Bitcoin (BTC) in the markets to the current levels we see now of $6,233.

However, the tide is indeed changing with the South Korean officials planning on regulating crypto-exchanges the same way they regulate commercial banks. The regulation will be carried out by the Korea Financial Intelligence Unit (KFIU) in collaboration with other local financial regulators. What remains, is the passing of a new bill that will allow the said local regulators, to have the power to regulate the crypto exchanges.

Additional news reaching Ethereum World News indicate that the South Korea Blockchain Association has approved 12 crypto exchanges. The Association has declared that the following exchanges have adequate security measures and internal management systems in place:

  1. Bithumb
  2. UPbit
  3. Gopax
  4. OKCoin Korea
  5. Korbit
  6. Coinone
  7. CoinZest
  8. CPDAXX
  9. HanbitKor
  10. Huobi Korea
  11. NeoFrame
  12. DexKor

The above news has been met with excitement by local publications who have predicted that a new wave of money, or capital, is headed in the direction of the cryptocurrency markets. This is based on the premise that crypto-trading in the country has been stagnated by the ongoing regulatory processes that had come close to banning the entire industry in the country.

However, some crypto-traders in the country expressed their disapproval of the inclusion of the Bithumb exchange given that it was the victim of a hack only a weeks ago and that the exchange is yet to resume withdrawals and deposits for its thousands of users.

One Bithumb user on twitter stated the following with respect to the news of the hack back in June:

For security reasons, please do not trade on this exchange again, because it is not the first time that it has been attacked by hackers. It is very likely that there will be another time.

In general, the decision by the South Korea Blockchain Association to give the green-light to the 12 exchanges is indicative of the possibility of similar positive crypto regulation by the South Korean government. This news comes at a time when the crypto-markets could need a ‘jump start’ into the second half of 2018.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

loading…

Posted on

Korean Police Allege Coinone's Crypto Margin Trading Is Illegal Gambling

A South Korean police department has said it will bring charges against cryptocurrency exchange Coinone over its provision of margin trading, a report says.

According to a Yonhap report Wednesday, the cybercrime investigation unit of the country’s southern provincial police department alleged that Coinone’s crypto margin trading is, in effect, offering illegal gambling that could be used to launder criminal proceeds.

The police department further referred to results from its 10-month investigation, which found about 19,000 users had participated in margin trading on the platform, among which some 20 traders had become primary targets due to their high volume of trading.

The high-volume traders, as alleged by the police, in total handled over 3 billion won ($2.8 million) in 3,000 to 13,000 instances of margin trading using Coinone’s service, which is deemed illegal gambling by the police after reviewing existing law.

The police department indicated it plans to send three executives from Coinone, including its CEO Myunghun Cha, for prosecution, as well as the 20 high-volume traders, the report said.

Coinone offered its margin trading service from November 2016 to December of last year and according to the report, the police started the investigation in August 2017, marking one of its earliest efforts to more deeply scrutinize the business operations of domestic cryptocurrency exchanges.

In an email response to a CoinDesk enquiry for comment, a representative from Coinone stated:

“At this time we are focused on cooperating with the ongoing investigation, and will continue to do so as the case is in the process of moving over to the Prosecution Service from the Police Agency.”

Editor’s Note: Some of the statements in this report have been translated from Korean.

Korean police image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Posted on

Tron (TRX) Migration Supported By These 18 Exchanges To Date

The Tron (TRX) MainNet launch is now less than a week away with the current countdown on the Tron website reading 4 Days, 15 Hours and 30 Minutes. This is a short time period. But the Tron Team is working day and night to make this event a possibility with daily updates on its progress.

The current update from the Tron Team was made by Justin Sun just a few minutes ago from the moment of writing this. In a tweet, Justin highlighted the exchanges that have pledged and prepared to carry out the TRX Migration that starts on the 21st of June. More exchanges will be announced with time.

The 18 known exchanges to date are:

  1. Bit-Z
  2. Bibox
  3. Bittrex
  4. Binance
  5. Bixin
  6. Bitfinex
  7. Bitpie
  8. Bithumb
  9. Coinnest
  10. Coinrail
  11. DragonEx
  12. Liqui
  13. Gate.io
  14. RightBTC
  15. UpBit
  16. ZebPay
  17. BITKOP
  18. Bitpie

The Tron foundation will continually update on any additional exchange that will be carrying out the TRX migration. TRX HODLers are advised to move their TRX tokens to the above exchanges before the 24th of June so as to have a smooth transition into the new Tron Network.

Ethereum World News had earlier highlighted what to expect once the Tron MainNet goes live on the 31st of May. The major activities that users and HODLers of TRX will participate in, is the moving of their TRX to the exchanges as earlier mentioned, and taking part in the Super Representative elections on the 26th of June.

All the other activities will be tasked to the Tron Team, exchanges and developers. The highlight moment for these activities will be the release of the Genesis block on June 25th at midnight, UTC + 8. 

Current market analysis show that TRX is still holding its own in the number 9 position according to coinmarketcap.com. The token has show some 2.75% in gains in the last 24 hours and is currently trading at $0.0729 and looks like it has a lot in store for us as we draw closer to the MainNet launch.

To The Moon!

Posted on

Crypto Exchange Coinone Taps Ripple for New Remittance Service

South Korean cryptocurrency exchange Coinone is turning to Ripple’s enterprise blockchain network for cross-border payments.

Coinone Transfer, a subsidiary of the exchange that focuses on remittances, joined RippleNet on Monday, making it the first exchange in the nation to do so. The exchange will be using xCurrent, Ripple’s enterprise blockchain solution for cross-border payments that enables end-to-end tracking, a press release states

Citing World Bank data that shows that there has been an increase in volume of international remittances from South Korea over the past decade, the firm said it plans to launch a new remittance service called Cross to be powered by xCurrent. The product will target workers in South Korea who want to send funds back to family across Southeast Asia, according to the release.

Wonhee Shin, CEO of Coinone Transfer said the xCurrent solution allows the firm to offer customers a “real-time, low-cost global remittance service.”

The news arrives a week after Muscat-based financial management firm BankDhofar become the first Oman bank to join RippleNet.

And back in in February, two banks and three money remittance companies from four different countries Brazil, India, Singapore and Canada adopted various Ripple platforms to facilitate real-time international payments.

Korean won and accounts image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Posted on

Coinone To Use Ripple (XRP) xCurrent For Remittance Across Asia

Korea’s Coinone Transfer has joined firms interested in using RippleNet, making the number of fintechs interested in the technology soared.

Coinone Transfer is a remittance firm and a subsidiary of Coinone. The firm will be using one of Ripple’s use case, xCurrent, a dependable blockchain idea purposely invented for cross-border payments and settlement. The move will make Coinone the first digital asset exchange deploying the power of RippleNet in the whole of South Korea.

A statement by Ripple indicates that Coinone, a leader in the digital asset industry in Korea, will deploy xCurrent starting from June to power the unveiling of a new remittance service branded as “Cross” purposely for Coinone Transfer to answer the yens of retail customers who clamour for faster and cheaper payments in South Asian enclave.

“Coinone customers will be able to send vital remittances home to family and friends in countries across Southeast Asia using Cross — all by powered by Ripple blockchain technology,”

Ripple said in a statement, added that “xCurrent allows for payments of any size to move quickly, transparently and at low cost across borders making it ideal for the volume and smaller size of remittance payments”.

“As one of the largest exchanges in the country, it handles over $97 million in transactions per day. The company also understands that underlying blockchain technology has further applications, particularly for cross-border payments.

Speaking on the development, Wonhee Shin, CEO of Coinone Transfer, “We are proud to be the first digital exchange in Korea to join RippleNet and implement Ripple’s xCurrent solution”.

“Ripple’s xCurrent solution will revolutionize the lives of our customers by providing them with a real-time, low-cost global remittance service.”

In the same line, Ripple has shown-off happiness, positing that with xCurrent, fintechs have the advantage to satisfy customers and ward off seemingly unavoidable problems for their customers.

“Non-traditional payments companies like Coinone Transfer, and their parent company, Coinone, are revolutionizing the way money moves for their customers,” said Emi Yoshikawa, director of joint venture partnerships at Ripple.

“We look forward to working with Coinone Transfer to implement xCurrent as the technology underpinning their new, state-of-the-art remittance service.”

Meanwhile, Coinone exchange is a member of DAYLI Financial Group, whose subsidiary, DAYLI Intelligence, signed a partnership agreement with SBI Ripple Asia around the last year end.

Posted on

Korea's Crypto Crackdown Talk Draws Backlash From Users and Politicians

More than 100,000 South Korea residents have signed petitions asking the government there to step back from any plans to close the country’s cryptocurrency exchanges.

Earlier this week, the South Korean Justice Ministry announced that it was preparing legislation to close the country’s online exchanges amid a speculative boom in cryptocurrencies. That shot across the bow was paired with the news that tax authorities were investigating at least some of the exchanges in Korea, and in the hours to come.

Yet the proposal drew swift pushback from within the South Korean government – the president’s office, in particular, said no move is “finalized” as of yet – as well as cryptocurrency supporters and traders in the country who cried foul as the statements sparked a fall in cryptocurrency prices.

The public backlash against the proposed move appears to be accelerating. On the Korean president’s Blue House website, more than 4,000 petitions have been filed related to “virtual currencies” since Jan. 10.

One petition asking the Minister of Justice to step down in light of the move received more than 30,000 signatures on its own. According to Reuters, one petition alone has attracted more than 100,000 signatures and the website itself became inaccessible at one point due to excessive traffic.

Source: president.go.kr/search

Comments on the government’s website included a petition from a user who claimed to have lost money due to the Justice Ministry’s saber-rattling.

Another petition compared cryptocurrency trading with the stock market, but claimed the latter is much more speculative.

Yet another petition struck a supportive note on the development of new rules but called for the government to consult with the wider cryptocurrency community before implementing any such rules.

Opposition pushback

Other members of the Korean political scene are reportedly crying foul as well.

A new report from Korean daily newspaper The Hankyoreh states that leaders of several opposition parties are moving to criticize what they deem a unilateral crackdown without any discussion or debate.

One opposition lawmaker said the ban was not a government position, but rather one that the Ministry of Justice and, possibly the president, hold themselves.

The lawmaker continued (according to a translated statement):

“The government announcement should be based on detailed reviews and coordination. If there is a problem, we should warn and prepare in advance.”

Path toward regulation

In recent months, the government has made efforts to tamp down on what it refers to as speculation surrounding cryptocurrencies.

These efforts included new regulations for banks conducting transactions with cryptocurrency exchanges. On Jan. 8, regulators inspected six banks to ensure compliance with the new regulations, which included strict know-your-customer identification rules, among other measures.

However, rather than comply with the new rules, some banks said they would simply cease trading with cryptocurrency exchanges altogether, according to the Korea Times.

South Korea’s largest bank, Shinhan Bank, said on Friday that it would be closing down the virtual currency accounts it offers in order to comply with new regulations surrounding their use.

An official from Shinhan said the bank had initially built a system to comply with the new regulations before deciding to just de-risk.

“We’ve developed a system to introduce identifying virtual [currency] account customers in accordance with the government’s efforts to curb the cryptocurrency craze. However, we decided to scrap the service enabling the trade of digital tokens which has become a serious social issue,” the representative told the publication.

South Korea flag and physical bitcoin image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.