Category Archives: gopax

Auto Added by WPeMatico

7 Major South Korean Exchanges to Create “Healthy Crypto Ecosystem”

7 Major South Korean Exchanges to Create

As the South Korean government continues to work on institutionalizing cryptocurrency exchanges, seven major players have signed an ‘Agreement for the creation of a sound cryptocurrency ecosystem’.

Local media reports that the exchanges, Upbit, Bithumb, Korbit, Coinone, Gopax, Coinplug (Cpdax), and Hanbitco, have stated the accord’s aim is to not only to create a healthy ecosystem but also to prevent crime and protect investors by creating a sound ecosystem and preventing money laundering.

Information sharing and real-time monitoring of unusual transactions will become a major focus of the group’s activities along with more check and balance measures such as restrictions on unverified customers. Financial Services Commission (FSC) head of financial innovation, Kwon Dae-young, declared that the government’s position had not changed much since it was revealed last December:

“We are trying to institutionalize [cryptocurrency exchanges] but before we do, we have to answer the question of how to deal with the damage and tears of many virtual currency investors. We must see if any of the projects that can help the people in their daily lives have been presented. Trust and authenticity are important.”

The new agreement signed by the seven exchanges demonstrates that industry aims appear to be very much in line with the government’s own. Ubit’s de facto voice, Dunamu Inc’s Lee Seok-woo, proposed his own protectionist measures to bring South Korea’s exchanges into line. Lee suggested minimum qualifications and standards for the industry should be bought into play, AML/KYC guidelines should be observed and a new exchange registration system could be introduced: “If you [crypto exchange] cannot meet the standard after a six-month or one-year grace period, you should close it.”

Last month, 40 international and South Korean experts formed another group, the Blockchain Special Committee, which plans to establish a blockchain hub in South Korea’s North Gyeongsang Province, also known as Gyeongbuk. Members of the association will be tasked with deliberating and consulting on the creation of “mid-to-long-term strategies” that will foster the blockchain industry.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post 7 Major South Korean Exchanges to Create “Healthy Crypto Ecosystem” appeared first on BitcoinNews.com.

South Korea’s Biggest Exchange Cleared of Insolvency Charges

Following the raid of South Korea’s largest cryptocurrency exchange UPbit on insolvency charges, an audit has confirmed that all of its digital currency balance sheets have not been subject to manipulation and the platform has the total funds it claims.

Officials took action in May after concerns were raised that UPbit was inflating its trading volumes while manipulating the balance sheets to match. South Korea’s Financial Services Commission and Korea Financial Intelligence Unit took documents and hardware from the exchange’s headquarters to appraise the details in line with the anonymous tip-offs claiming its insolvency.

A recent evaluation by one of the country’s largest accounting firms, Yoojin, declared that UPbit was operating with all of the declared assets, with the results of the audit published by Korean internet provider Kakao’s subsidiary company Dunamoo. While this has reassured many local investors using the platform, the lack of a response from the local government has led critics to query the legitimacy of the audit.

Details of the audit claim that the cryptographic screening shows UPbit has around 103% of the money based on the total needed to be paid to customers, with the aggregate funds of the exchange reaching 127% of the total that it holds for customers.

The president of Dunamoo Lee Seok-woo attested the authority of the results, saying UPbit has enough money to compensate all customers whenever they wish to withdraw their funds. He also noted that the exchange would comply with regular audits in the future to prove its financial conditions are fully legally compliant.

The recent hack of South Korean exchange Bithumb ignited mistrust with the platform, pushing UPbit to the country’s number one cryptocurrency exchange spot. Shinhan Bank-backed platform Gopax is expected to overtake the trading volume of both exchanges in the near future.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post South Korea’s Biggest Exchange Cleared of Insolvency Charges appeared first on BitcoinNews.com.