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Just One of Korea's 'Big Four' Bitcoin Exchanges Profited in Crypto Winter 2018

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By CCN.com: South Korea is the fourth most active country in the world in crypto trading, per Coinhills. This, however, did not count for much as three of the country’s top four bitcoin exchanges recorded losses in 2018. The big four are Upbit, Bithumb, Coinone and Korbit. According to Business Korea, only Upbit recorded a profit among the four. The largest loss was incurred by Bithumb. Last...

Report: Crypto Exchanges in South Korea Scrambling to Survive as Bear Market Hits Hard

bithumb bitcoin exchange south korea

According to a local publication Blockinpress, crypto exchanges in South Korea are struggling to adjust to changing market conditions and the 14-month-long correction. Since January 2018, the global crypto exchange market has seen a rapid decline in volume. With the exception of Bitcoin and Ethereum, the majority of both major digital assets and tokens have seen a 50 to 90 percent decline in...

Korean Crypto Exchange Executives Fake Trading Volumes, Earn Prison Sentences

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Two major executives of Komid, a cryptocurrency exchange platform based in South Korea, have been sentenced to prison, according to a report by local Korean news outlet Blockinpress. The two individuals were convicted of falsifying trading volumes on the exchange. Choi Hyunsuk, CEO of Komid, is one of the indicted individuals. He was given a three-year sentence for his role in the scam, while the...

South Korean Bitcoin Exchange Upbit Denies Fraud Allegations as Executives are Formally Charged

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South Korea’s top financial regulator has formally filed fraud charges against executives of one of the Asian country’s biggest cryptocurrency exchanges. Three senior executives of Upbit including the founder Song Chi-Hyung were charged with making fraudulent transactions between September and December last year by prosecutors in Seoul, according to nocutnews. Specifically, the senior Upbit...

Upbit CEO: Crypto Regulation is Necessary, But is Korea on Right Track?

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On December 10, Lee Seok-wu, the CEO of Dunamu, the parent company of South Korea’s largest crypto exchange Upbit, said that regulation is important to establish industry standards. During a meeting with several members of the Congress and the Financial Services Commission (FSC) hosted by Upbit, Bithumb, Gopax, Korbit, and Coinone, five of the biggest digital asset trading platform operators in...

South Korea's National Assembly to Engage in First Crypto Debate: Possible Outcomes

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On December 10, South Korea’s National Assembly along with several members of the Congress are set to hold the country’s first official debate around crypto involving high profile government officials. Expected Talking Points of the Debate The meeting, arranged by the local market’s largest cryptocurrency exchanges including Upbit, Bithumb, Korbit, Gopax, and Coinone, will have executives of...

Why South Korea Will Play a Major Role in Cryptocurrency Adoption

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As a high-tech hub known for its consumer electronics, tech giants, esports, and global innovation, perhaps it’s not surprising that a report by Cindicator revealed that South Korea will play a major role in cryptocurrency adoption. By reviewing existing data on exchange volumes, recent economic history, regulation, and trends, the tokenized fintech asset management company came to some...

Why Investors are Highly Optimistic in Acquisition of Korea's Largest Crypto Exchange

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On October 12, CCN reported that BK Global Consortium, the parent company of Singapore-based BK Medical Group, has acquired a 50 percent stake in Bithumb, South Korea’s largest crypto exchange. Kim Byung-gun, a prominent plastic surgeon and blockchain investor, finalized the deal between BK Global Consortium and Bithumb, officially acquiring the leading cryptocurrency trading platform at a...

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