#korbit

Mirae Asset's Korbit stake bid stirs up alleged favoritism

Mirae Asset Financial Group’s bid to acquire a stake in the virtual asset exchange Korbit has sparked controversy over possible preferential treatm...

They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical)…

Korbit, the South Korean crypto exchange in talks to be bought by Mirae Asset, was fined 2.73 billion won ($1.9 million) by the country’s regulator for multiple anti money-laundering and customer verification breaches. The Financial Intelligence Unit said the exchange violated key provisions of the country’s Special Financial Transactions Act, including lapses in customer due-diligence and…

Mirae Asset explores Korbit acquisition as Korea’s crypto regulations gradually evolve Traditional finance interest grows as licensed crypto exchanges gain strategic value Korbit’s low volume contrasts with rising institutional demand for compliant platforms South Korea’s crypto sector entered renewed focus following reports of takeover discussions. According to The Chosun Daily, Mirae Asset…

South Korean exchange Korbit to monitor accounts of employees, family members

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Korbit exchange announced plans to monitor the accounts of its employees and their family members in a bid to improve internal control standards, according to local media reports.

News 1 Korea reported the announcement and said that the additional monitoring of family members was not mandatory in the country for now.

Korbit CEO Oh Se-Jin said the extensive monitoring is part of efforts to bring the exchange’s internal control standards to the level of traditional finance, according to the report.

Executives and employees of crypto exchanges are legally prohibited from trading on the exchange they work for based on South Korea’s Enforcement Decree of the Specified Financial Information Special Act.

In compliance with the Act, Korbit said it will restrict its employees from trading on the platform and that provisions have been made to control the accounts of employees’ families as well.

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Big Four’ South Korean Crypto Exchanges Say They’ve Blocked Russian Users

All four major South Korean crypto exchanges say they will block users with Russian IP addresses “in line with sanctions” – despite the fact that their overseas counterparts have ruled out making such a move without direct instruction from governments. Asia Kyungjae reported that Upbit, Bithumb, Coinone, and Korbit have all apparently followed the lead of Gopax, a smaller exchange that earlier…