Block Journal
No Result
View All Result
  • Login
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianopt Portuguêsru Русскийes Españolth ไทยzh-CN 简体中文hi हिन्दीja 日本語
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine
Magazine
Newsletter
  • Trending Now
  • Bitcoin
  • Altcoin
  • Ethereum
  • Analysis
  • Blockchain
  • Metaverse
  • NFT
  • DeFi
  • Web3
  • GameFi
  • ICO
  • Legal
  • Security
Block Journal
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianopt Portuguêsru Русскийes Españolth ไทยzh-CN 简体中文hi हिन्दीja 日本語
No Result
View All Result
Block Journal
No Result
View All Result
  • News
  • Crypto
  • Markets
  • Investing
  • Videos
  • Charts
Home Markets

S Korean Regulator Launches Crypto Trading Platform Probe – Which Exchanges Are Involved?

News Room by News Room
March 12, 2023
in Markets
Reading Time: 2 mins read
0 0
A A
0

cryptonews.com

10 March 2023 14:39, UTC

  

Reading time: ~2 m

South Korea’s top financial regulator, the Financial Services Commission (FSC), has begun a “comprehensive inspection” of the nation’s crypto exchanges.

Per Decenter, Financial Services Commission (FSC) specifically wants to probe the 20 trading platforms that do not have licenses to trade fiat KRW. The media outlet noted that this is “the first time” the FSC has conducted a “comprehensive inspection” of exchanges that do not operate in the fiat markets.

The outlet said it expected that the inspection will focus on anti-money laundering protocols.

Under South Korean law, exchanges can offer crypto-to-crypto trading services, provided they meet certain criteria. To obtain fiat-trading licenses, however, they must form partnerships with commercial banks.

These banks must provide all exchange users with real name-, social security number-verified accounts linked to their crypto wallets.

The “big four” crypto exchanges – Upbit, Bithumb, Korbit, and Coinone – have had such banking partnerships in place for several years. The remaining 21 South Korean exchanges, meanwhile, have been left to pursue banking deals with domestic banks. Thus far, only one of their number – Gopax – has been successful.

Which South Korean Exchanges Will Be Investigated?

The FSC stated that it would begin its probe with GDAC. This is one of the exchanges involved last year in the controversial delisting of the Wemix token – a coin created by the domestic gaming giant WeMade.

GDAC left observers stunned when it announced that it would be listing Wemix – just two hours after the “big four” announced they would be removing the coin from their platforms.

Trading volumes on South Korea’s market-leading Upbit crypto exchange over the past seven days. (Source: CoinGecko)

The media outlet stated that some insiders believe the FSC has decided to start its probe at GDAC for this reason.

But others appear to believe that the authorities “may have started” its investigation with the exchange ahead of a possible GDAC application to rejoin the KRW market. This would suggest that a behind-the-scenes deal may have been struck with a bank.

The media outlet reported that GDAC officials said they had not yet been informed about the date of the FSC visit.

Read the full article here

ShareTweetSharePinShareShareSend

Related News

Canadian Dollar flat against the US Dollar after US GDP beats the street
Forex

Canadian Dollar flat against the US Dollar after US GDP beats the street

November 29, 2023
Investors tiptoe back into US bank stocks, regulators probe SVB collapse
Commodities

Exxon CEO Darren Woods likely to attend COP28 – sources

November 29, 2023
Intuit first-quarter results top estimates, but earnings guidance falls short
Stocks

Intuit earnings beat by $0.49, revenue topped estimates

November 29, 2023
Wall Street strategists actually called 2023 correctly — apart from these seven stocks
Markets

Wall Street strategists actually called 2023 correctly — apart from these seven stocks

November 29, 2023
ENS Developer Nick Johnson Moves $1.71M Worth of ENS to Binance
Markets

ENS Developer Nick Johnson Moves $1.71M Worth of ENS to Binance

November 29, 2023
Mexican Peso slides further against the US Dollar amid Fed officials’ comments
Forex

Mexican Peso slides further against the US Dollar amid Fed officials’ comments

November 29, 2023
Who is Greg Becker, the head of failed Silicon Valley Bank?
Stocks

US Senator says deal in works to resolve FAA pilot training dispute

November 29, 2023
U.S. stocks open modestly lower as investors await Powell testimony
Markets

U.S. stocks open higher after GDP report as Treasury yields fall

November 29, 2023
Listing News Came from the Giant Stock Exchange for This Popular Altcoin!
Markets

Listing News Came from the Giant Stock Exchange for This Popular Altcoin!

November 29, 2023

Discussion about this post

Latest News

Boris Johnson was ‘not in charge’ in lead-up to pandemic, Covid inquiry hears

November 29, 2023
BIS advises central banks to plan in advance for CBDC security

BIS advises central banks to plan in advance for CBDC security

November 29, 2023
Central Banker Says Crypto ‘Miserably’ Failed Test of Money, Will Make Way for CBDCs and TradFi Products: Report

Central Banker Says Crypto ‘Miserably’ Failed Test of Money, Will Make Way for CBDCs and TradFi Products: Report

November 29, 2023
BTC Puts $38K to the Test but are Bears Staging a Serious Correction? (Bitcoin Price Analysis)

BTC Puts $38K to the Test but are Bears Staging a Serious Correction? (Bitcoin Price Analysis)

November 29, 2023
General Motors bondholders also see things to cheer in shareholder-rewards program

General Motors bondholders also see things to cheer in shareholder-rewards program

November 29, 2023
ADVERTISEMENT

Popular

  • Stablecoin NZDD Pegged To The New Zealand Dollar Launched

    Stablecoin NZDD Pegged To The New Zealand Dollar Launched

    0 shares
    Share 0 Tweet 0
  • Here’s why you might not have to pay a 6% commission next time you sell a home

    0 shares
    Share 0 Tweet 0
  • The rally in both bonds and stocks looks unsustainable – Nordea

    0 shares
    Share 0 Tweet 0
  • Vista Outdoor considers $30 per share merger offer from Colt CZ Group

    0 shares
    Share 0 Tweet 0
  • USD to trade with a softer bias overall going forward – Scotiabank

    0 shares
    Share 0 Tweet 0
Block Journal

Block Journal is the world’s leading source in blockchain news and updates. Follow us to stay up-to-date with all you need to know in web3.

LEARN MORE »

Recent Posts

  • Boris Johnson was ‘not in charge’ in lead-up to pandemic, Covid inquiry hears
  • BIS advises central banks to plan in advance for CBDC security
  • Central Banker Says Crypto ‘Miserably’ Failed Test of Money, Will Make Way for CBDCs and TradFi Products: Report

Trending Topics

AI Altcoin Analysis Bitcoin Blockchain Commodities Crypto DeFi Ethereum Forex Futures GameFi ICO Interview Investing Legal Markets Metaverse News NFT Security Stocks Uncategorized Videos Web3

Get Informed

The most important crypto and finance news and events of the day

Be the first to know latest important news & events directly to your inbox.

By signing up, I agree to our TOS and Privacy Policy.

  • About
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Copyright © 2023 Block Journal - Created by Sawah Solutions.

No Result
View All Result
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine

Copyright © 2023 Block Journal - Created by Sawah Solutions.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.