South Korea’s top cryptocurrency exchange, Upbit, is facing a regulatory storm. Accused of breaching Know Your Customer (KYC) obligations, the platform faces a suspension that could bar it from registering new users for six months. According to local media publication Naver, The Financial Intelligence Unit (FIU), part of South Korea’s Financial Services Commission, issued the…
The South Korean Financial Intelligence Unit (FIU) has ordered Upbit to temporarily halt services for new users after finding numerous violations of the Specific Financial Transaction Information Act. South Korean Crypto Industry Watches Upbit Case Closely South Korea’s Financial Intelligence Unit (FIU) has reportedly ordered Upbit, one of the country’s largest cryptocurrency exchanges, to halt…
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A member of the South Korean national legislature could possibly face imprisonment for allegedly misdeclaring his cryptocurrency holdings. State prosecutors recommended that the legislator be sentenced to a six-month jail time for not disclosing a significant portion of his crypto assets, and failing to adhere to the South Korean policy on transparency and accountability of…
The financial space is reeling from the political chaos in South Korea, which has caused the Korean won to fall against the US dollar, with ripple effects extending to the crypto market. The development also poses a potential impact on the region’s already struggling forex and CFD space. The sector currently operates under tight regulations…
November 28, 2024November 28, 2024 On Thursday, South Korea’s central bank lowered its key policy rate for the second month, citing slower-than-expected economic growth. The Bank of Korea cut its benchmark interest rate by 0.25 percentage points to 3%, marking the second consecutive month of rate cuts. The bank…
October 31, 2024October 31, 2024 South Korea’s industrial output dipped 0.3% in September from the previous month, largely due to reduced production in the semiconductor and manufacturing sectors, Statistics Korea reported Thursday. Retail sales, a key indicator of private spending, also declined amid signs of slower economic growth, while…
South Korea’s National Pension Service now owns more than $32 million worth of MicroStrategy (MSTR) shares after investing in the Bitcoin (BTC)-friendly US firm earlier this year. The Pension Service, which reportedly manages $764.8 billion worth of assets at the end of 2023, has accumulated 24,500 MSTR shares as of June 30th, according to a…
South Korea is doubling down on its investments in blockchain technology as it seeks to maintain its innovator position in Southeast Asia. The latest play by the South Korean authorities is an ambitious 20 billion won ($14.5 million) investment to support 14 projects across several verticals. The initiatives will be spearheaded by the Korea Internet…
Get Email Alerts and Follow Us: Prosecutors in South Korea have charged a Chinese national, a former SK hynix employee, with stealing semiconductor technology. The woman allegedly took thousands of pages of critical semiconductor process information to Huawei. This incident underscores rising concerns about industrial espionage targeting South Korea’s advanced semiconductor sector. Arrested in April…