Two of South Korea's
Two of South Korea's largest crypto exchanges by volume, Bithumb and UpBit, have begun suspending, flagging and even delisting many cryptocurrencies, complete with investment warnings now alerting users on their platform of troubled digital assets.
Many are wondering what is the motivation behind the push of these particular tokens overboard, while Justin Wise dives in for a look at why the exchange's new "Quality Control" initiative is leading some of the proverbial "s__tcoins".getting axed!
#bitcoin #crypto #altcoins
Link to story: https://www.longhash.com/en/news/3279?f=r
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Great summary and fantastic well founded thoughts!
The CEO of Bithumb Korea,
The CEO of Bithumb Korea, the domestic wing of the South Korean market-leading crypto exchange Bithumb, has predicted that after soon-to-promulgate regulations kick in, there will only be between four and seven exchanges left standing. There are currently almost 50 crypto trading platforms in the nation. New rules governing the sector will become effective in March this year, although exchanges have been given an additional six months’ grace period in which to adopt full compliance measures. The regulations will force exchanges to abide by real-name banking protocols, with all customer accounts linked to individual, social security number-authenticated bank accounts. Banking contracts will be made at the sole discretion of banks, who will be able to rule on exchanges’ reliability. In addition, platforms will have to obtain security and Information Security Management System (ISMS) certification and abide by anti-money laundering protocols. At present only Bithumb – as well as its rivals Upbit, Korbit and Coinone – have real-name banking capabilities. Some five or six other exchanges have recently obtained ISMS approval, however, indicating that they are hopeful of meeting compliance deadlines. But in an interview with Hanguk Kyungjae, Bithumb Korea supremo Heo Baek-young, who was appointed to his current role in May last year, claimed that smaller companies would struggle to meet ISMS requirements. He stated that post-March, “there will be only four exchanges left, and seven at most,” due to the prohibitive cost for SMEs of even attempting to obtain the ISMS certification required by the new legal amendment. But Heo welcomed the rule change, as have many of the sector’s bigger players. The CEO opined that a lack of regulation had allowed “companies with bad intentions” to “do business,” and claimed the rules were a step in “the right direction.”Heo added that his company also planned to expand in 2021, and intends to hire over 50 new staff members. However, the CEO made no mention of the fact that a controlling stake in the company has been put up for sale.___Learn more:South Korean Banks ‘Play to Their Strengths’ with Bitcoin Custody Moves‘Kimchi Premium Return’ Reports 'Exaggerated'Order Book Sharing Ban Could Shake South Korean Exchanges to the Core
All data is taken from the source: http://cryptonews.com
Article Link: https://cryptonews.com/news/bithumb-boss-only-4-7-korean-crypto-exchanges-will-survive-r-8899.htm
#exchanges #kbccoin #bitcoinpricegraph #convertbitcointodollar #btctousdcalculator #bitcoinminingcalculator #
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The lack of regulatory
The lack of regulatory uncertainty in South Korea is causing major Korean cryptocurrency exchanges to lose international traders and turn their focus on the domestic audience. Speaking to Cointelegraph, a spokesperson of the South Korean exchange Upbit expressed his concern about their platform facing issues with providing fiat to crypto trading to its users:“Providing fiat trading via authenticated banking accounts has been a key issue for us as we were unable to provide the service for over two years.”To partially solve the challenge, Upbit on June 23 partnered with an internet-only bank K Bank. The official said that their new partnership will allow them to resume fiat trading for South Korean users. However, users from other countries will most certainly be blocked from using this feature as Korean banking regulations do not permit non-Koreans to open an account with an internet-only bank. With the new partnership replacing an old one with the Industrial Bank of Korea, non-Korean traders on Upbit are now required to withdraw their fiat funds from the exchange before July 24. The Upbit official said, “Ensuring full regulatory compliance is obviously very important to us, but the fact that non-citizens can’t trade through K Bank was not a determining factor in the partnership.”Other Korean exchanges such as Korbit and Coinone have also integrated an authentication process requiring a domestic mobile phone number. This automatically cuts out foreign traders from these two exchanges. Starting June, non-resident foreign traders on Upbit had been paying 22% of their profits to the exchange when withdrawing their funds. This is to ensure that the platform can easily pay the taxes when the state implements new regulations. The Upbit spokesperson reflected on the same saying:“A 20% tax has been proposed by legislators, but there hasn’t been an official announcement from South Korea’s Ministry of Economy and Finance. It’s hard to gauge how it will impact exchanges like Upbit until we know the specifics of the new tax guideline.”He further clarified that if the tax amount levied by the government is lower than what they’re expecting, the exchange will make refunds accordingly.
All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/korean-exchanges-struggle-with-expansion-amid-uncertain-regulations
#upbit #eosreddit #bitcoinexchangerate#cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange