South Korean authorities block KuCoin and other 16 unregistered digital asset operators

[South Korean authorities block KuCoin and other 16 unregistered digital asset operators in South Korea] According to news on August 18, South Korea’s Financial Intelligence Unit (FIU) announced on the 18th that it has notified the investigation agency of 16 unregistered digital asset operators such as MEXC and KuCoin. Foreign digital asset operators. According to the FIU, these operators are suspected of violating certain financial information laws. Unregistered illegal business activities will be punished with imprisonment for less than 5 years or a fine of less than 50 million won. These platforms will also be restricted from declaring as domestic digital asset operators for a certain period of time in the future. In addition, South Korea's financial intelligence agency asked the Korea Communications Commission and the Korea Communications Standards Committee to block relevant operators from accessing services in South Korea to prevent Koreans from using unregistered operators. Credit card companies are planning to check and block the use of foreign digital asset business credit cards in South Korea for digital asset purchases and payment services. Registered digital asset operators were ordered to suspend transactions with unregistered operators. (Yonhap News Agency Infomax)

Other news:

The Daegu Prosecutor’s Office of South Korea stated that the crime of “criminal organization” applies to cryptocurrency investment fraud organizations: On the 19th, the Daegu Prosecutor’s Office of South Korea prosecuted and arrested Mr. A on suspicion of violating relevant laws such as fraud and door-to-door sales. "Nine other accomplices were prosecuted. A and others set up an office in Seoul, and from April to December last year, recruited investors on the grounds of investing in cryptocurrencies. It is reported that they defrauded a total of 3.7 billion won from 583 victims. [2018/3/19]

Jung Ki-jun, Director of the State Affairs Adjustment Office of South Korea, said that virtual currency is not legal tender: "Virtual currency is not legal tender, and no one can guarantee its value. Therefore, according to changes in the domestic and foreign environment, the price fluctuates greatly, so the virtual currency is not a legal tender. A series of behaviors such as currency mining, investment, and trading must be carefully judged. "The discussion on virtual currency has been discussed by the State Affairs Adjustment Office, and it will also be centered on the State Affairs Adjustment Office in the future. "[2018/1/15]

South Korea Bans Local Financial Institutions From Participating in Bitcoin Futures Trading: According to a report from the Business Insider website, South Korean regulators have banned local financial firms from participating in bitcoin futures trading. The South Korean government has taken a tough stance on digital currencies, emulating China in banning initial coin offerings (ICOs) earlier this year. Still, bitcoin remains popular among South Korean investors. "According to recent estimates, 21% of global Bitcoin transactions are in South Korean won," said Marty Greenspan, an analyst at trading platform eToro, last week. Greenspan said proximity to North Korea may be one reason why South Koreans are taking risks. one. “After the political crisis, the ouster of former President Park Geun-hye and the jailing of Samsung’s CEO on corruption charges, their confidence in the system is at an all-time low.” [2017/12/12]