Korean regulators investigate banks over $6.5B tied to Kimchi premium
South Korean financial regulators are looking into the massive amount of foreign remittances of cash that came from crypto exchanges. Go to Source Powered by WPeMatico
Woori Bank
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Woori becomes latest major Korean bank to announce crypto custody services
An increasing number of leading South Korean banks are establishing joint ventures with minor ownership to enter the crypto custody market while complying with local regulations. Go to Source Powered by WPeMatico
Commission Income From Crypto Accounts Jumped 36 Times for South Korean Banks
South Korean banks have been providing virtual account services to cryptocurrency exchanges and earning commissions from them. According to data obtained by the country’s Financial Supervisory Service, banks made 36 times more in commission income from crypto exchanges last year than the previous year. Also read: South Korean Officials Caught Trading On Insider Knowledge of Crypto … Read more
Strict Regulations Force South Korean Banks to Stop Servicing Cryptocurrency Exchanges
Following the inspections of six major banks this week, South Korean regulators have uncovered some inadequate internal controls for handling cryptocurrency exchanges. Given the government’s strict rules, some banks have decided to stop providing services to cryptocurrency exchanges instead of overhauling their systems further to comply with the regulations. Also read: South Korea Urges 23 Countries, … Read more
