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South Korean cryptocurrency news: Authorities investigate 16 cryptocurrency exchanges

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south korea cryptocurrency news

Current South Korea cryptocurrency news. The Financial Services Commission of South Korea (FSC) has accused 16 foreign cryptocurrency exchanges of violating local laws and providing digital asset trading services to Korean citizens.

The FSC’s Financial Intelligence Unit sent 16 cryptocurrency exchanges a notice of investigation. According to the regulator, the exchanges failed to report to South Korean authorities about providing services to Korean citizens, a violation of the Financial Information Disclosure Act. The list includes many South Korean cryptocurrency exchanges.

According to the act, if a marketplace wants to provide digital asset trading services to Korean citizens, it must have a security management system (ISMS) and be certified by the regulator. If the act is violated, South Korean authorities can put the site’s management in jail for up to five years, or impose a fine of up to 50 million won (about $38,000).

The FSC stresses that in July it notified the exchanges of the need to comply with the regulator, but the exchanges continued to provide services to citizens of South Korea. According to the Commission, the companies have a Korean-language interface on their websites and have even held special events for their customers in the country. In addition, they actively advertise their services and allow people to buy digital assets with credit cards.

The regulator has sent a petition to local electronic communications agencies to block the sites and applications of the said cryptocurrency exchanges. The regulator stressed that the list of licensed companies providing digital asset services is available on the FSC website. To date, 35 companies have received licenses.

It was recently reported that South Korean tax authorities will take tougher measures against tax evasion using virtual assets, such as cryptocurrencies, and platforms that work with them.

We previously reported that Polygon was criticized for centralizing power.



Cryptocurrency

ScroogeToken: Expanding Community and Continuing Growth After Surpassing $500,000 in Funding

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[PRESS RELEASE – Dover, USA, June 19th, 2024]

Following the remarkable milestone of surpassing $500,000 in funding, ScroogeToken Online is thrilled to announce the ongoing expansion of its community and continued growth in the decentralized finance sector. ScroogeToken remains committed to providing user-friendly access to the Web3.0 ecosystem, emphasizing strong community engagement and innovative technology.

Community Engagement and Growth

The ScroogeToken team has observed a steady increase in participants, contributing to a dynamic and supportive community. The platform’s user-friendly interface and advanced blockchain technology ensure a seamless experience for all users, making Web3.0 accessible and engaging.

100% Daily Auto-Stake Rewards

One of ScroogeToken’s standout features is its 100% daily auto-stake reward, offering investors substantial returns with minimal effort. his staking approach aims to optimize the growth potential of users’ holdings through automatic reinvestment.

Looking Ahead

With a focus on innovation and community support, ScroogeToken is dedicated to setting new standards in decentralized finance. The team is committed to continuous improvement and expanding the platform’s capabilities, ensuring long-term success and sustainability.

Engage with the ScroogeToken Community

For more information and to become part of the ScroogeToken community, users can visit ScroogeToken Online. Stay updated with the latest developments and contribute to the future of decentralized finance.

About ScroogeToken

ScroogeToken is dedicated to providing user-friendly access to the Web3.0 ecosystem while fostering a robust and engaged community. Combining advanced technology with ease of use and community support, ScroogeToken is setting a new standard in decentralized finance. For more information,users can visit ScroogeToken Online.

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Cryptocurrency

Here’s Why Bitcoin (BTC) May Hit Another ATH This Year: Analysts

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TL;DR

  • Bitcoin’s price has dropped over 8% in the past two weeks to around $65,200, but analysts expect a rebound to $72,000-$74,000 and potentially above $100,000 by late 2024.
  • High BTC open interest and negative exchange netflow suggest increased volatility and a potential bull run.

BTC’s Next Possible Move

The leading cryptocurrency in terms of market capitalization has underperformed as of late, with its price dipping by over 8% in the past two weeks. Currently, it trades at around $65,200 (per CoinGecko’s data), a 12% decline from the all-time high registered in mid-March this year.

Nonetheless, prominent industry participants and analysts expect a rebound in the near future. One example is Crypto Rover (an X user with almost 800,000 followers), who thinks BTC has “bottomed” and is now poised to spike to $72,000-$74,000.

Recall that the asset’s price tumbled to as low as $64,000 on June 18 but recovered some of the losses the following day. 

Titan of Crypto chipped in, too, envisioning a potential rally above the $100,000 milestone before the end of 2024. The analyst based their forecast on the BTC halving, which took place in April this year.

The halving occurs every four years and slashes in half the daily issuance of new assets. Historically, it has been followed by a massive BTC price rally and a resurgence of the entire cryptocurrency market.

For his part, Ali Martinez argued that BTC might yet reach its cycle top, assuming it mirrors its performance in past bull runs. The analyst believes the price might peak around December 2024 or by October 2025.

Taking a Closer Look at Some Major Indicators

Important on-chain metrics such as BTC open interest and exchange netflow signal increased volatility in the future and a possible bull run. Bitcoin open interest refers to the total number of outstanding derivative contracts, such as futures or options, that have not been settled yet.

The metric’s rise generally indicates that fresh capital is flowing into the ecosystem, suggesting that traders are either opening new positions or adding to their existing ones. However, it can also signal the opening of new short positions, which could result in a price decline due to the increased selling pressure.

BTC open interest hit an all-time high at the start of June. Despite the retreat in the following days, the indicator is still not so far from its peak level (according to CryptoQuant’s data).

For its part, BTC exchange netflow has been predominantly negative in the last week, suggesting a shift from centralized platforms toward self-custody methods. This is considered bullish since it reduces the immediate selling pressure.

BTC Exchange Netflow
BTC Exchange Netflow, Source: CryptoQuant
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Cryptocurrency

XRP Open Interest Spike in Response to Ripple-SEC Developments

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After making a comeback above $0.50 yesterday, XRP noted a mild decline from the level in the past 12 hours or so.

The brief uptrend, however, wiped its weekly losses, making XRP the only top cryptocurrency in the green during the same period, with a slight rise.

Investors Flock to XRP

In line with the price action, XRP saw a surge in open interest (OI) as traders continued to closely monitor the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC).

This surge in OI suggests that investors are increasingly opening positions anticipating a rise in XRP’s price, according to CryptoQuant’s latest analysis.

The on-chain analytic platform further observed the heightened trading activity around XRP, which is currently the seventh-largest cryptocurrency by market cap.

While this trend could be indicative of bullish investor sentiment, it could also pave the way for potential volatility in the market.

“In such a scenario, it is crucial to monitor market volatility closely and prioritize risk management. As open interest increases along with the price, this could reflect investor expectations and actions, but it could also bring about sudden market fluctuations, so caution is necessary.”

Ripple And SEC’s Squabbles

The dispute between Ripple and SEC began in December 2020 when the latter accused the blockchain firm and a few of its execs of conducting an unregistered securities offering through XRP sales.

Last year, US District Judge Analisa Torres ruled that the San Francisco-based firm’s automated, open markets sales of the cryptocurrency were not considered securities offerings, which contradicted the SEC’s allegations. But the judge agreed with the agency’s assertion that Ripple’s direct XRP sales to institutional investors were indeed securities offerings.

The latest legal spat centers around the argument over the size of Ripple’s potential penalty. Initially, the SEC sought a $2 billion fine, while Ripple’s lawyers suggested that the civil penalty should not exceed $10 million, comparing it to the recent settlement of Terraform Labs.

The regulatory watchdog then countered Ripple’s proposal with a $102.6 million figure, significantly lower than the originally requested fine.

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