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Another Cryptocurrency Fraud Case Further Dampens Market Sentiment

Another Cryptocurrency Fraud Case Further Dampens Market Sentiment

SEOUL, Dec. 21 (Korea Bizwire) — The cryptocurrency market, already reeling from a free-fall in the values of key digital currencies, was dealt another blow on Friday as officials at South Korea’s No. 1 cryptocurrency exchange were indicted for offering fraudulent transactions and swindling money from investors. The three officials at Upbit — a board [...]

Cryptocurrency Investors Furious Over Massive Downturn in Fortunes

Cryptocurrency Investors Furious Over Massive Downturn in Fortunes

SEOUL, Jan. 22 (Korea Bizwire) — With cryptocurrency valuations having plummeted since reaching record highs only weeks ago, online communities for investors have degenerated from optimism and high spirits to, evidenced by uploaded photos of cracked monitors and ruined doors, bitterness and destructive behavior. Whether the damage wrought in these photos was truly caused by [...]

Gov’t to Collect 24.2 Pct of Taxes on Income by Cryptocurrency Exchanges

Gov’t to Collect 24.2 Pct of Taxes on Income by Cryptocurrency Exchanges

SEOUL, Jan. 22 (Korea Bizwire) — The government said Monday it will collect up to 24.2 percent of corporate and local income taxes from South Korea’s cryptocurrency exchanges this year. The Seoul government has been striving to rein in the virtual currency frenzy in Asia’s fourth-largest economy while contemplating a bill to ban cryptocurrency exchanges. [...]

S. Korea’s 2M Cryptocurrency App Users Leaking to Foreign Exchanges

S. Korea’s 2M Cryptocurrency App Users Leaking to Foreign Exchanges

SEOUL, Jan. 16 (Korea Bizwire) — Despite South Korea’s seven-figure userbase for cryptocurrency apps, a relatively small surge in domestic users of Hong Kong service Binance in the past week has industry watchers wondering whether local investors, increasingly hemmed in by government regulations, will begin an exodus towards foreign exchanges. According to app research firm [...]