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Executives of Haru Invest, a crypto deposit platform accused of defrauding over 1 trillion won, have been arrested and face trial. Co-presidents A (44) and B (40), GM C (40), and COO D (38) are indicted for violating the Economic…
Probit, a leading cryptocurrency exchange in South Korea, has announced its decision to cease its exchange services, effective March 16, 2024. In a statement on their website, the company cited challenges in maintaining a conducive trading environment despite their efforts.…
Last year, 90% of foreign exchange crimes flagged by customs were linked to cryptocurrencies, with a total of 198 cases detected, marking a 36% increase from the previous year. Despite the rise in cases, the seized amount was down 68%…
A group accused of illegally transferring $4.2 million in foreign currency to exploit the price difference between domestic and overseas cryptocurrency exchanges has been acquitted. The Seoul Central District Court’s Criminal Division 5 acquitted 14 individuals, including the main defendant,…
Bithumb, a leading cryptocurrency exchange, has announced support for multi-chain deposits and withdrawals for Ethereum (ETH). This technology allows users to utilize different blockchain networks for ETH transactions, offering options with lower fees and faster processing times. The newly added…
The Financial Intelligence Unit (FIU) released “Anti-Money Laundering Regime Casebook 2.0” on Feb. 7, marking the first major update in six years. Notably, it clarified that crypto-related businesses not registered as Virtual Asset Service Providers (VASPs) may be obliged to…
Financial authorities are intensifying efforts to uncover undeclared Virtual Asset Service Providers (VASPs), with reports emerging against prominent global exchange OKX. DAXA received a report alleging OKX’s unlicensed operation in South Korea, forwarding it to the Financial Intelligence Unit (FIU)…
The four largest cryptocurrency exchanges in Korea, namely Ubit, Bithumb, Coinone, and Korbit, collectively have over 6 million bank-verified accounts, with an increase of more than 1 million new accounts despite a decrease in active accounts last year. This surge…
On February 5, the Financial Services Commission proposed a partial amendment to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information Act. This amendment includes provisions to suspend report examinations when there are delays…
Bithumb, a cryptocurrency exchange, will reintroduce trading fees after a four-month fee-free period starting from May 5th, at a reduced rate of 0.04%. Despite the fee, it remains the lowest among domestic exchanges, previously being 0.25%. Additionally, Bithumb is enhancing…
