Tagged: south korea

OurCrowd Signs Partnership Agreement with South Korea’s Hana Bank to Support Innovation Ecosystem

The global leader in equity crowdfunding, OurCrowd, has signed a new investment partnership agreement with South Korea’s KEB Hana Bank. The move by OurCrowd is further indication of its growing relationship with institutional investors and its significant foothold in Asia. In a release, OurCrowd said… Read More

Majority of Korean Crypto Exchanges Fail Security Check

Investigators from the Korean Ministry of Science, Technology and Information and the Korea Internet Development Agency (KISA) have found “weak” security at 31 0f approximately 38 crypto exchanges studied, ZDNet reports. Investigators deployed an 85-point security checklist to participating exchanges and found that, “14 exchanges… Read More

70-80% of South Korean Cryptocurrency Mines Close As Costs Exceed Prices

At the top of markets in December 2017, mining an Ether, the native cryptocurrency of the Ethereum network, cost about 240,000 Korean won ($213 USD), and that Ether could be sold for 2.3 million won ($2093 USD). At that time, South Korea was the third… Read More

E-Cash Laws Do Not Apply: Korean Courts Find Bithumb Crypto Exchange Not Responsible for Customer Funds Lost in Hack

The Jury by John Morgan Trial Court Judge Law

The importance of storing one’s cryptocurrency safely was highlighted in South Korea this week when a court there decided that Korean crypto exchange Bithumb is not liable for customer funds hacked from an account there, Han Kyung reports. According to the outlet, an investor with… Read More

Researcher: Asia Still the Big Driver in “Crypto Assets”

Researchers at the Mosaic “cryptoasset data and research platform” have assembled a report showing that Asia is still the centre of the universe when it comes to crypto-price action. The company begins by describing “key headline events” in China, Korea and Japan during the course of… Read More

Three Employees at Upbit, Korea’s Largest Crypto Exchange, Indicted for Fraud

About one week after its CEO delivered a keynote address to the Korean parliament on the regulation of crypto markets there, the Upbit cryptocurrency exchange’s board chair, finance director and an employee have been indicted for allegedly, “inflat(ing) the volume of transactions by making ($226.2… Read More

JB Financial Group Signs MOU With CIMB Niaga For Open Banking Platform Business in Indonesia

JB Financial Group (KRX:175330), a Korea-based retail finance group, announced on Monday it has signed a memorandum of understanding (MOU) with CIMB Niaga, a leading Indonesian commercial bank, and MITRA JASA LIMA for the open banking platform business in Indonesia.  According to JB Financial, the… Read More

Korean Parliament Holding Special and First Ever Session Today to Discuss Cryptocurrency Exchanges

Members of South Korea’s Democratic, Liberal-Democratic and Right Future Party will hold their first debate on the subject of cryptocurrency exchanges today in the Korean parliament, local media outlet Hani reports. Cryptocurrency exchanges have been operating in Korea since 2013 and exchanges there are some… Read More

P2P Money Transfer Service Toss Gets Unicorn Status in $80 Million Funding Round

Korea based Viva Republica, creator of the peer to peer money transfer service Toss, has raised $80 million led by some pretty big names. VCs Kleiner Perkins and Ribbit Capital led the funding round. The investment has delivered unicorn status for the Fintech as the… Read More

Korean Firm Signs Deal for Large Crypto Mining Farm and Guaranteed Cheap Electricity in Paraguay

Regardless of recent stories of bear markets and electricity rate hikes bankrupting small crypto miners across the globe, a Korean company called the Commons Foundation has announced it is opening, “the world’s largest cryptocurrency mining center and global cryptocurrency exchange,” in energy-rich Paraguay. Commons Foundation says… Read More

Samsung Ventures Funded Blockchain Startup Aergo Raises $30 Million

Samsung backed blockchain startup Aergo has received $30 million in venture funding, according to release from the company. Aergo is a partner of South Korea based Blocko – an enterprise blockchain provider. Aergo allows businesses to build applications and services by sharing data on a… Read More

Korean Crypto Exchange Zeniex Dissolving

The Korean cryptocurrency exchange Zeniex is shutting down and has “abolished” it’s cryptocurrency fund and related token, ZXG. According to a November 9th notice from the company: “(A)ll services of Zeniex will be terminated on November 23, 2018.” The exchange launched in May 2018 with the reported backing of Chinese internet… Read More

Korean Courts Order Nonghyup Bank to Restore Services to Coinis Crypto Exchange

South Korea Flag

A judge at the Seoul Central District Court has ordered one of South Korea’s largest banks, Nonghyup, to restore services to the Coinis cryptocurrency exchange, 8BTC reports. The showdown reportedly began in September when Nonghyup announced it would no longer process deposits and withdrawals on behalf… Read More

Korea: Report from Wadiz Indicates Growing Investment Crowdfunding Market

Wadiz, the largest crowdfunding platform in South Korea, has shared a recent report on equity crowdfunding that indicates a growing marketplace. Online capital formation was first legalized in Korea in January 2016 by legislation that created amendments to the Capital Markets Act. Presently, there are… Read More

South Korean Government Reps Reaffirm Anti-ICO Stance

South Korean Finance Minister, Yong-Joo Park told auditors from the Finance Committee of the Yeouido National Assembly in Seoul this morning that ICOs (initial coin offerings) pose undue risks to investors and should not be equated with blockchain, Yonhap News reports. “The government does not… Read More

Korean Cryptocurrency Exchanges Lose Special Tax Status and Designation as Venture Firms

Cryptocurrency exchanges in Korea say their international competitiveness and ability to attract investors will be adversely affected by a recent Korean government decision to revoke their special status as venture firms, Business Korea reports. The change will affect all exchanges registering as business from this… Read More

Uzbekistan Creates Cryptocurrency Tax Free Zone, Licenses First Crypto Exchange in Partnership with Korean Firms

Bukhara, Uzbekistan darrell-chaddock-unsplash

Uzbekistan is taking comprehensive steps, with the help of Korean partners, to enshrine the region as a friendly one for crypto industries and hopes to become, “a new coin special zone after Malta,” ETNews reports. The venture is being led cooperatively by KOBEA, the Economic Committee of Korea… Read More

Blockchain Platform Orbs Expands Into South Korea Through Partnership With Kakao Subsidiary Ground X

Orbs, an Israel-based hybrid blockchain scaling base-layer protocols, announced on Tuesday it has established a partnership with Ground X, the blockchain subsidiary of South Korean internet company Kakao, for research, development, and business cooperation. Through the partnership, Orbs has expanded into South Korea and opened… Read More

Exchange Rankings Shake Up: Researchers Say Two-Thirds of Crypto Trade Volume is Fake

Two-thirds of all trade volume in crypto- or $6 billion dollars per day- is faked, say researchers at the Blockchain Transparency Institute (BIT), and many of the world’s “top” crypto exchanges aren’t even coming close. The researchers made their conclusions after comparing the order books… Read More

Crypto Exchange Targeted by Possible North Korean Hack Group

Internet security firm Kaspersky Lab has claimed that hackers with possible ties to North Korea have struck against an unnamed crypto exchange using malware targeting macOS. Kaspersky lab attributes the latest hack to the Lazarus hack group. According to Wikipedia, the Lazarus Group earned its… Read More

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