Tag: South Korea

Anonymous cryptocurrency trading ends in South Korea

Even though the South Korean cryptocurrency trading ban did not pan out. Instead, we got a new set of rules, which require anyone depositing money in exchanges to use their real names. New users are now required to open a bank account under their name and deposit money strictly from there. Meanwhile, the community breathed a collective sigh of relief – it seems the option of a full-scale ban is no longer on the table. Accounts using real names The new rules entered into force yesterday. Anyone depositing money into a crypto exchange will have to pass an identification procedure....

Read More

How to start investing in a bear market: short guide

January has been a harsh month for cryptocurrencies. Just looking at the market cap, we can see a deep correction from those December highs. The market shrunk from $850 billion to the current $510 billion. For many investors this is the first correction witnessed and, naturally, they are clueless and scared. No, the cryptocurrency market is not dying. Yes, this a perfectly natural process that happens several times per year. The bigger question, however, is how to behave in this bearish market and multiply your investments. Reasons for the bear market There is no single big upsetting event that...

Read More

Crypto ‘discounts’ ending as market gradually recovers

The last two days saw Bitcoin slump below $10,000 for the first time since the beginning of December. New investors lost faith and assumed the worst, whereas crypto veterans rejoiced as this was a rare opportunity to buy BTC at a “discount.” The market has recovered partially, with total capitalization hovering near the $590 billion mark. Reasons for losses The deep correction was fueled by uncertainty from South Korea, where officials stated that a “cryptocurrency trading ban was still on the table.” The Justice Ministry made some statements that turned out to be premature and not representative of the...

Read More

Market correction: South Korea ban still on the table

All cryptocurrencies have been sliding down after news that South Korean Finance minister said banning trading in digital currencies is a “live option.” In an interview with local radio station TBS, the minister stated that the government is considering forcing people to use their real names when trading and that the ministry is looking for a mechanism to tax crypto trading. According to him, closing exchanges is still on the table, but government ministries need to “very seriously review it”. Bitcoin is currently trading at $11,675.3 and Ethereum at $1,031.23 according to Coinmarketcap. This represents a 24h fall of 15%...

Read More

South Korean Exchange Youbit Folds After Cyberattack

South Korean cryptocurrency exchange, Youbit, filed for bankruptcy after a cyberattack. Formerly known as Yapizon, it is the second hack for the company this year. Security within cryptocurrency exchanges is a topic of fierce debate among investors leading many to wonder how to protect their digital assets – and whether to trust digital wallets. Deja Vu Last April, Youbit lost around 4,000 bitcoins to cybercriminals. According to a report from The Japan Times, South Korean cybersecurity agency KISA attributed the attack to North Korea. The North operates what Seoul labels “an army of hackers” that engage in financial theft...

Read More