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BitMEX, KuCoin Among Exchanges Reportedly Facing Sanctions in S. Korea: Here’s Why

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South Korean financial authorities are considering imposing sanctions on several crypto exchanges that have failed to comply with local regulations.

According to a report from local media Korea Economic Daily, the crypto exchanges include BitMEX, KuCoin, CoinW, Bitunix, and KCEX.

S. Korea to Sanction Crypto Exchanges

The Financial Intelligence Unit (FIU) of South Korea’s Financial Services Commission said these overseas crypto trading platforms are operating illegally in the country because they have failed to report as Virtual Asset Service Providers (VASPs) under the Specific Financial Information Act.

The Special Financial Transactions Act states that entities engaging in crypto trading, storage, and management in South Korea must formally report their activities to the FIU. Failure to do so could attract criminal punishment and administrative sanctions because the firms will be considered illegal businesses.

In addition, these exchanges have been operating Korean-language websites without providing marketing and customer support for South Korean investors. As a result, the FIU is now investigating their activities, evaluating appropriate procedures with relevant organizations, and strongly considering measures like blocking site access.

“We are currently reviewing blocking access to unreported overseas exchanges that are providing services to domestic investors through consultation with the Korea Communications Standards Commission. We are organizing damage cases and related data to strengthen communication between authorities, and we expect to see tangible measures taken within this year,” stated an FIU official.

A Continuous Crackdown on Crypto Platforms

This is not the first time financial authorities in South Korea have made moves to sanction or block investor access to non-compliant crypto exchanges. In September 2021, the FIU asked more than 60 exchanges that could not meet up with the local anti-money laundering (AML) rules and registration requirements to shut down their services and exit the country.

At the time, only four trading platforms, including Upbit, Bithumb, Coinone, and Korbit, were fully operational, while about 28 others, which obtained security certificates, could offer certain services without won settlements.

Furthermore, in 2022, the FIU asked the Korea Communications Standards Commission to block access to 16 overseas exchanges that failed to report their operations as VASPs. The regulatory agency also joined forces with local card companies to block crypto purchases and payment services made from these platforms.

Earlier this year, the FIU revealed there are only 31 registered crypto firms in South Korea, down 26% from 42 in 2024. With the latest crackdown, that number is bound to shrink even further.

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Good News for Ripple (XRP) and Cardano (ADA) Investors: Details

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TL;DR

  • Although both ADA and XRP are down on a weekly scale, their performance could reverse in the short term, as suggested by a popular metric that has flashed a buy signal.
  • Interestingly, the projects behind both assets have been linked in the past and are expected to announce a joint venture soon.

ada_v_xrp_cb

The metric in question, brought by popular crypto analyst Ali Martinez, is the TD Sequential, which showcases whether an asset has reached an exhaustion point in either direction.

For XRP, the indicator has flashed a buy signal on the 4-hour chart, which could suggest “the start of a short-term rebound,” said Martinez.

Ripple’s cross-border token experienced a sharp and brief uptick earlier this week when company CEO Brad Garlinghouse announced a victory in the legal case against the SEC. XRP went from $2.3 to $2.6 within an hour or so but failed to keep the momentum up and has retraced to under $2.4 now.

The same indicator posted a similar buy signal when it came down to ADA, according to the 4-hour chart, showing that a rebound could be on the horizon.

ADA has struggled in the past month or so, losing over 10% of its value and currently struggling to remain above $0.7. Previously, Martinez said the asset could skyrocket to $2, but it has to close above $1.2 on the daily chart, which seems like a distant dream now.

XRP and ADA have been linked on numerous occasions in the past several months. US President Trump mentioned them, alongside SOL, ETH, and BTC, in regard to the suggested strategic crypto reserve in the country.

Additionally, Charles Hoskinson and Ripple execs have been exchanging kind words since the US elections, hinting on multiple occasions about a potential collaboration between the two parties. However, nothing official has been made public yet.

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Ripple News Today

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Woes of insider trading, some technical warnings for XRP’s price, amid a number of other interesting developments for Ripple – news that you can’t miss.

Was there XRP insider trading prior to CEO announement of SEC victory?

According to a recent research by Santiment, large XRP wallets inccreased their holdings by around 6.5% in the two months leading up to the announcement that the SEC had dropped its appeal against the company.

In addition to that, this period also saw a sixfold increase in unique wallet activity on the Ripple network, which contrasts wit user outflows on other blockchains.

However, it’s a stretch to say that there was insider trading, because the news was widely anticipated as some experts even said that it was priced in ever since Donald Trump won the elections in November last year.

Time to short XRP?

Some are of the opinion that the XRP token might as well be overvalued, given that a lot of the catalysts for a positive price move have already happened, begging the question if it’s time to short it.

Ripple essentially “won” the lawsuit against the US Securities and Exchange Commission, although they still have to pay a hefty fine and they’ve stated that they will be contesting that. However, the Commission won’t carry the motion further, which is good enough.

At the same time, hightened social media activity around XRP has prompted some analysts to believe that it might be a good opportunity for contrarian investors to consider shorting the cryptocurrency.

XRP price to drop by 50%?

Ali Martinez, a well-known crypto analyst with hundreds of thousnads of followers on X, recently posted a controversial take on the XRP price, predicting a substantial crash.

According to him, the recent pump and dump in XRP has essentially created a very popular technical pattern known as head-and-shoulders. If it plays out, this could result in a 50% dump in the asset’s price, driving it down toward $1.25.

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Bybit Named Exclusive Payment Partner for Tomorrowland Brasil 2025-26, Launches Cardholder Presale

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[PRESS RELEASE – Dubai, UAE, March 22nd, 2025]

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has partnered with Tomorrowland Brasil as its exclusive payment provider for 2025 and 2026. This landmark collaboration grants Bybit Card holders privileged early access to tickets before they become available to the general public – a first in Tomorrowland’s history.

A Historic First for Bybit and Tomorrowland 

Tomorrowland Brasil 2025 is set for October 10-12 at Parque Maeda in Itu, São Paulo. This year, Tomorrowland Brasil welcomes ‘LIFE’ as its mainstage theme, continuing the magical journey that began at Tomorrowland Belgium in 2024. Set in the mythical world of Silvyra, ‘LIFE’ transports the People of Tomorrow to an era of untamed natural beauty, just as a rare celestial event – the alignment of two moons – is about to unfold. Over three unforgettable days, attendees can escape the city and enjoy performances from more than 150 top electronic artists across six breathtaking stages.

“By partnering with Tomorrowland Brasil, we are merging the energy of music with the innovation of blockchain. This collaboration reinforces Bybit’s commitment to integrating crypto seamlessly into everyday experiences, and our cardholders will enjoy unparalleled access to one of the world’s most iconic festivals,” said Joan Han, Head of the Payment Business Unit at Bybit.

Bybit Card: More Than Just a Payment Solution

The Bybit Card enhances users’ festival experience by offering instant activation, seamless payments, and exclusive rewards. With compatibility across Apple Pay, Google Pay, and Samsung Pay, it ensures effortless transactions worldwide.

Beyond convenience, Bybit Cards help users grow their wealth. With Auto-Savings, cardholders can earn up to 8% APR on their balance, ensuring passive income without extra effort. There are no annual fees or hidden charges, and users can withdraw up to $100 in cash for free every month, with a 2% fee thereafter. Plus, Bybit’s partnership with DHL ensures fast and secure worldwide delivery of the physical card.

How to Secure Tomorrowland Brasil Tickets with Bybit Card

The Bybit Card is the ultimate festival payment solution, giving holders exclusive access to a two-day presale before tickets go on sale to the general public.

  • Exclusive Registration Period: Now-April 3, 2025
  • Presale Period: April 4, 10:00 BRT / 15:00 CEST – April 6, 10:00 BRT / 15:00 CEST
  • Presale Website: Bybit Card x Tomorrowland
  • General Public Sale: Begins after the presale period

To participate in the exclusive presale, users must be Bybit Card holders and complete their registration before the presale date on the Bybit website. Only registered users will have access to the presale period.

New users can still apply for a Bybit Virtual Card to join the presale.

  • Priority Access: Bybit Card holders enter the first eight digits of their card (BIN code) to unlock ticket access.
  • Secure a Spot: Each user can purchase up to six tickets.
  • Exclusive Payment Method: Tickets must be purchased using a Bybit Card, as Bybit is the festival’s exclusive presale payment partner.

Bybit’s seamless integration with Tomorrowland Brasil’s official website and ticketing system ensures a hassle-free booking experience for cardholders.

General Ticket Sales Open April 8

For users who miss out on the exclusive presale, tickets will still be available for general sale starting April 8. Purchases can be made using Bybit Card or Bybit Pay, with new users enjoying a 10% cashback on their festival purchases.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: media@bybit.com

For updates, please follow: Bybit’s Communities and Social Media

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About TOMORROWLAND BRASIL

Tomorrowland Brasil 2025 will take place on October 10-12 in the beautiful festival area of Parque Maeda in Itu, a municipality of São Paulo. The festival will revolve around the mesmerizing ‘LIFE’ theme, set against the backdrop of Brazil’s enchanting natural beauty. A story set in the mythical realm of Silvyra, it’s a world unto its own, filled with creatures, plant life, and people living in harmony, each with their own stories, with the diversity of Silvyra’s lush nature represented in the spectacular ‘LIFE’ Mainstage. Offering the ultimate escape from the city during three days of bliss, guests will be treated to breathtaking performances by more than 150 of the world’s finest electronic artists across 6 mesmerizing stages.

The first two festival editions of Tomorrowland Brasil took place in 2015 and 2016 in the beautiful festival area of Parque Maeda in Itu, São Paulo. After years of dreaming of a return, Tomorrowland finally headed back to Brazil in 2023, becoming a yearly highlight once again.

Tomorrowland Brasil 2025

October 10-12, 2025

Parque Maeda, Itu

brasil.tomorrowland.com

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