South Korea Cryptocurrency Crackdown: Regulators To Investigate Banks Over AML Measures

News, Regulation | March 23, 2018 By:

South Korea’s financial regulators will reportedly investigate domestic banks over their implementation of anti-money laundering procedures for cryptocurrency exchanges.

According to local news outlet Yonhap News, the Financial Intelligence Unit (KoFIU) and the Financial Supervisory Commission (FSC) will jointly carry out inspections starting next month at banks offering corporate accounts to cryptocurrency exchanges.


Cryptocurrency Exchanges Raided By South Korean Authorities

News, Regulation | March 16, 2018 By:

The Seoul Southern District Prosecutors’ Office reportedly searched the offices of three cryptocurrency exchanges suspected of buying bitcoin with money stolen from customers’ accounts.

According to local publication Chosun, allegations of embezzlement by staff prompted the raids, with certain staff and executives being suspected of using money from customer accounts in order to buy cryptocurrencies from other exchanges.


Crypto Exchange Bithumb Teams With BitPay For Remittance Service

Announcements, News | March 15, 2018 By:

Bithumb, South Korea’s largest cryptocurrency exchange, has teamed with blockchain payments technology platform BitPay to facilitate international remittance payments.

During an interview with CNBC, BitPay chief commercial officer Sonny Singh said the partnership would enable businesses in South Korea to issue invoices in bitcoin and get settled through BitPay.


Blockchain Tech Adopted By Korea Customs Service To Prevent Fraud And Smuggling

Announcements, Blockchain | March 8, 2018 By:

The Korea Customs Service (KCS) is planning to adopt advanced technologies in order to improve its customs administration.

During the agency’s first national customs managers’ meeting, KCS commissioner Kim Yung-moon said that adopting new technologies to respond to the ‘fourth industrial revolution’ is an overriding agenda for the agency as trade form is becoming more complicated.


South Korea Cryptocurrency Crackdown: Government Considers BitLicense-Style Rules For Crypto Exchanges

News, Regulation | February 14, 2018 By:

The South Korean government is reportedly planning to introduce an approval system for crypto exchanges based on New York’s BitLicense system.

In a report from Business Korea, an unnamed government official involved with a cryptocurrency task force said, “We are positively considering the adoption of an exchange approval system as the additional regulation on cryptocurrencies.