Binance, the largest shareholder of the South Korean cryptocurrency exchange Gopax, sold the asset claims of Gopax victims at less than half their face value on May 27. The discounted sale has led to substantial financial losses for investors, contradicting Binance’s earlier promise to fully compensate victims of the virtual asset deposit service ‘GoFi.’ The…
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Gopax, a prominent South Korean cryptocurrency exchange backed by Binance, disclosed a net loss of 51.3 billion Korean won ($37 million) for the fiscal year 2023, as reported in the year-end financial statement released by its parent company, Streamy. This figure is an improvement compared to the net loss of 90.6 billion won in 2022.…
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Cryptocurrency exchange Binance is looking to reduce its majority stake in GOPAX, a digital asset exchange based in South Korea. According to a new report from local media sources, Binance is considering selling some of its shares. The exchange will reveal its decision within a month or two citing reporting changes to the regulation of…
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According to a statement published by the South Korean Financial Services Commission (FSC), the entity’s Korea Financial Intelligence Unit held a meeting with virtual asset service providers (VASPs) in order to strengthen regulatory compliance. The top five South Korean cryptocurrency exchanges including Upbit, Bithumb, Coinone, Korbit, and Gopax have created compliance systems to monitor illegal…
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Binance has returned to the South Korean cryptocurrency market after two years with a “meaningful” investment in a local, licensed crypto exchange. Gopax fell into trouble following the collapse of crypto exchange FTX and the bankruptcy filing of crypto lender Genesis Global. Binance Invests in Troubled Korean Crypto Exchange Cryptocurrency exchange Binance announced Friday that…
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DAXA claimed that the circulating number of WEMIX exceeds what has been disclosed by Wemix, much to the chagrin of the issuers. South Korea’s largest crypto exchanges have announced they will delist WEMIX (WEMIX) — the native token of gaming company Wemade’s blockchain platform Wemix — alleging the firm provided “false information” in response to…
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Five South Korean cryptocurrency exchanges said they intend to create a consultative organization which will help prevent a repeat of a Terra LUNA-style token collapse. The organization is expected to achieve its objectives by applying standards that are endorsed by the crypto exchanges. Screening Guidelines Five of South Korea’s leading domestic cryptocurrency exchanges have said…
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South Korea’s five biggest crypto exchanges have vowed to create a “joint response council” to avoid a repeat of what the media and politicians in the country have labeled the “terra (LUNA) incident.”… Read More: South Korean Crypto Exchanges Form Joint Response Council to Avoid Repeat of LUNA ‘Incident’ Read more »Pay, Trade, Buy…
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South Korean crypto exchanges are now in the firing line as the terra (LUNA) crash fallout continues to sow the seeds of chaos in the domestic crypto industry. Dunamu, the operator of the Upbit exchange, has denied reports that it dumped large sums of LUNA to avoid forthcoming price drops as “groundless” – but…
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South Korea’s biggest crypto exchanges have finally linked their rival Travel Rule solutions – over a month after a new law that requires trading platforms to abide by the protocol came into force. As previously reported, the Financial Action Task Force (FATF)’s measure, which requires exchanges to monitor and share data on recipients and senders of…
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