Topic: I heard a weird news, Korean government going to ban Crypto currency exchanges? (Read 453 times)
January 21, 2018, 05:52:31 AM
Korean government allegedly shuts down bitcoin for a purpose, they are protecting their citizens for they think that it will just pop out of nowhere one day. They are trying to banned it i guess for a while to cool the overheated market of cryptocurrency. Korean's government actions resulted to big deflation of the bitcoin's price, after setting the new regulations to it i think they will bring it back.
January 21, 2018, 05:00:14 AM
There might be a slight significance that it will affect again the price of BTC because before China also had the same news and do you know what happened to BTC it fall to 10K$ and When the Japan said that it would pay to their employee a BTC for about 4 to 2 weeks and what its result I just don't know what exactly happen to that but it aims is to have a better understanding at virtual currency but it also affect the price of BTC but that time it rose the price of BTC in Feb.
maybe this current event their dealing with will affect BTC somehow.
maybe this current event their dealing with will affect BTC somehow.
January 21, 2018, 04:55:55 AM
I think you read some fake news. I mean, they can do that generally, but never heard such a statement from official sources.
January 21, 2018, 04:53:50 AM
The Korean government's decision forced banks to face a tougher test of their relationship to the number of transactions. In addition, holders of anonymous e-money account are required to disclose their identity or be fined.
January 21, 2018, 04:44:13 AM
The same way Op has read the news, so also we have read as well but while we are waiting for the real ban to happen, others are spreading the panic which has equally affected the market in no small measure and recovery seems a more difficult thing to happen every day despite the hope that it shows. News like this to me, are just signals for everyone to retrace his steps and understand whether the path of choice is something to be reviewed or continued in it.
January 21, 2018, 04:32:01 AM
It’s not really that weird. I’m surprised it’s taken this long. You know the US government just took down BTCe in scamcashistan or wherever. The US gov starts looking at the books and realize how prolific money laundering is in bitcoinland. They contact their G20 buddies and let them know that they may need to take down a couple of exchanges in their country too. I think it’s a little too coincidental that all of the countries considering closing exchanges lately are G20 members.
I would like to know which time period that incident happened ? in last year ?
It started in July, site went offline, then a guy that was probably involved with BTCe was arrested in Greece, domain was seized, the FBI got access to the database and servers but to be honest I don't have a clue on how many (if) coins were seized also.
You can read the whole drama here
https://bitcointalksearch.org/topic/btc-e-hacked-2045453
People live with fear in the Crypto Market, It approves this type of incidents. even small technical issue enough to leave the market soon, Fear makes you a panic seller.
January 20, 2018, 04:00:01 AM
It’s not really that weird. I’m surprised it’s taken this long. You know the US government just took down BTCe in scamcashistan or wherever. The US gov starts looking at the books and realize how prolific money laundering is in bitcoinland. They contact their G20 buddies and let them know that they may need to take down a couple of exchanges in their country too. I think it’s a little too coincidental that all of the countries considering closing exchanges lately are G20 members.
I would like to know which time period that incident happened ? in last year ?
It started in July, site went offline, then a guy that was probably involved with BTCe was arrested in Greece, domain was seized, the FBI got access to the database and servers but to be honest I don't have a clue on how many (if) coins were seized also.
You can read the whole drama here
https://bitcointalksearch.org/topic/btc-e-hacked-2045453
January 19, 2018, 11:28:38 PM
It’s not really that weird. I’m surprised it’s taken this long. You know the US government just took down BTCe in scamcashistan or wherever. The US gov starts looking at the books and realize how prolific money laundering is in bitcoinland. They contact their G20 buddies and let them know that they may need to take down a couple of exchanges in their country too. I think it’s a little too coincidental that all of the countries considering closing exchanges lately are G20 members.
I would like to know which time period that incident happened ? in last year ?
I don’t know exactly when it happened. I stopped using BTCe years ago. All I know is I went there around a month ago to ask a few questions in their troll box and this image was there instead.
January 19, 2018, 09:40:11 AM
It’s not really that weird. I’m surprised it’s taken this long. You know the US government just took down BTCe in scamcashistan or wherever. The US gov starts looking at the books and realize how prolific money laundering is in bitcoinland. They contact their G20 buddies and let them know that they may need to take down a couple of exchanges in their country too. I think it’s a little too coincidental that all of the countries considering closing exchanges lately are G20 members.
I would like to know which time period that incident happened ? in last year ?
January 17, 2018, 03:19:39 PM
It’s not really that weird. I’m surprised it’s taken this long. You know the US government just took down BTCe in scamcashistan or wherever. The US gov starts looking at the books and realize how prolific money laundering is in bitcoinland. They contact their G20 buddies and let them know that they may need to take down a couple of exchanges in their country too. I think it’s a little too coincidental that all of the countries considering closing exchanges lately are G20 members.
January 17, 2018, 09:13:51 AM
Hey I feel horrible about this news, Meanwhile Warren Buffet said BTC will come to a bad ending. hey you senior guys, What do you think about the current situation which appear for Crypto and BTC ?
I will published here the content of the article in the web. looks like I am not allowed to publish weblink here..
Bitcoin falls as one of the world's biggest cryptocurrency markets readies a bill to ban trading
South Korea's justice minister said that the country is preparing a bill that will ban all cryptocurrency trading
Park Sang-ki told reporters that there are "great concerns" regarding virtual currencies
Bitcoin tumbled more than 12 percent following Park's remarks
South Korea's justice minister said on Thursday that a bill is being prepared to ban all cryptocurrency trading in the country.
That news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and ethereum.
According to industry website CryptoCompare, more than 10 percent of ethereum is traded against the South Korean won — the second largest concentration in terms of fiat currencies behind the dollar. Meanwhile, 5 percent of all bitcoin are traded against the won.
"There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," Park Sang-ki said at a press conference, according to the ministry's press office.
Bitcoin tumbled more than 12 percent following Park's remarks, according to CoinDesk's bitcoin price index that tracks prices from four exchanges. At 1:26 p.m. HK/SIN, the cryptocurrency price retraced some of its losses to trade at $13,547.7.
Park added that he couldn't disclose more specific details about proposed shutdown of cryptocurrency trading exchanges in the country, adding that various government agencies would work together to implement several measures.
Reuters further reported that a press official said the proposed ban on cryptocurrency trading was announced after "enough discussion" with other government agencies including the nation's finance ministry and financial regulators.
The news wire later added that once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months — or even years.
Cryptocurrency trading in South Korea is very speculative and similar to gambling. Major cryptocurrencies like bitcoin and ethereum are priced significantly higher in the country's exchanges than elsewhere in the world. For example, bitcoin traded at $17,169.65 per token at local exchange Bithumb, which was a 31 percent premium to the CoinDesk average price.
That difference in price is called a "kimchi premium" by many traders.
In fact, earlier this week, industry data provider CoinMarketCap tweeted that it would exclude some South Korean exchanges in price calculations due to the "extreme divergence in prices from the rest of the world" and for "limited arbitrage opportunity." The exchanges that were removed from the price calculation included Bithumb, Korbit and Coinone.
Last month, the South Korean Financial Services Commission said it was prohibiting cryptocurrency exchanges from issuing new trading accounts. If an exchange does allow new accounts, the government has the ability to take action to either stop trading or shut the exchange down, the commission said in a statement.
The commission added that, since much of the cryptocurrency trading was being done anonymously, users must use their real names.
The government also indicated it would closely monitor banks and would "swiftly" step in to limit fund flows into cryptocurrencies if necessary.
Bitcoin exposed stocks in South Korea took a major hit after the announcement. Shares of Omnitel, which has a bitcoin remittance business, crashed 30 percent, Vidente shares tumbled 29.96 percent, Digital Optics fell 13.7 percent and KPM Tech was down 5.48 percent.
That news from the justice minister comes after the country's largest cryptocurrency exchanges were raided by police and tax agencies this week for alleged tax evasion, people familiar with the investigation told Reuters.
—CNBC's Chery Kang, Evelyn Cheng and Reuters contributed to this report.
I also read many articles in online blogs. There is a lot of information regarding China and Korea on many policies to squeeze the crypto market in their country. This is having a lot of impact on the market as everyone in China and Korea is trying to sell the Altcoin they own.I will published here the content of the article in the web. looks like I am not allowed to publish weblink here..
Bitcoin falls as one of the world's biggest cryptocurrency markets readies a bill to ban trading
South Korea's justice minister said that the country is preparing a bill that will ban all cryptocurrency trading
Park Sang-ki told reporters that there are "great concerns" regarding virtual currencies
Bitcoin tumbled more than 12 percent following Park's remarks
South Korea's justice minister said on Thursday that a bill is being prepared to ban all cryptocurrency trading in the country.
That news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and ethereum.
According to industry website CryptoCompare, more than 10 percent of ethereum is traded against the South Korean won — the second largest concentration in terms of fiat currencies behind the dollar. Meanwhile, 5 percent of all bitcoin are traded against the won.
"There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," Park Sang-ki said at a press conference, according to the ministry's press office.
Bitcoin tumbled more than 12 percent following Park's remarks, according to CoinDesk's bitcoin price index that tracks prices from four exchanges. At 1:26 p.m. HK/SIN, the cryptocurrency price retraced some of its losses to trade at $13,547.7.
Park added that he couldn't disclose more specific details about proposed shutdown of cryptocurrency trading exchanges in the country, adding that various government agencies would work together to implement several measures.
Reuters further reported that a press official said the proposed ban on cryptocurrency trading was announced after "enough discussion" with other government agencies including the nation's finance ministry and financial regulators.
The news wire later added that once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months — or even years.
Cryptocurrency trading in South Korea is very speculative and similar to gambling. Major cryptocurrencies like bitcoin and ethereum are priced significantly higher in the country's exchanges than elsewhere in the world. For example, bitcoin traded at $17,169.65 per token at local exchange Bithumb, which was a 31 percent premium to the CoinDesk average price.
That difference in price is called a "kimchi premium" by many traders.
In fact, earlier this week, industry data provider CoinMarketCap tweeted that it would exclude some South Korean exchanges in price calculations due to the "extreme divergence in prices from the rest of the world" and for "limited arbitrage opportunity." The exchanges that were removed from the price calculation included Bithumb, Korbit and Coinone.
Last month, the South Korean Financial Services Commission said it was prohibiting cryptocurrency exchanges from issuing new trading accounts. If an exchange does allow new accounts, the government has the ability to take action to either stop trading or shut the exchange down, the commission said in a statement.
The commission added that, since much of the cryptocurrency trading was being done anonymously, users must use their real names.
The government also indicated it would closely monitor banks and would "swiftly" step in to limit fund flows into cryptocurrencies if necessary.
Bitcoin exposed stocks in South Korea took a major hit after the announcement. Shares of Omnitel, which has a bitcoin remittance business, crashed 30 percent, Vidente shares tumbled 29.96 percent, Digital Optics fell 13.7 percent and KPM Tech was down 5.48 percent.
That news from the justice minister comes after the country's largest cryptocurrency exchanges were raided by police and tax agencies this week for alleged tax evasion, people familiar with the investigation told Reuters.
—CNBC's Chery Kang, Evelyn Cheng and Reuters contributed to this report.
Why don't you publish them here so that even others can go through them, any one can write anything. we have to check are they reliable sources to consider,
January 17, 2018, 02:31:25 AM
Hey I feel horrible about this news, Meanwhile Warren Buffet said BTC will come to a bad ending. hey you senior guys, What do you think about the current situation which appear for Crypto and BTC ?
I will published here the content of the article in the web. looks like I am not allowed to publish weblink here..
Bitcoin falls as one of the world's biggest cryptocurrency markets readies a bill to ban trading
South Korea's justice minister said that the country is preparing a bill that will ban all cryptocurrency trading
Park Sang-ki told reporters that there are "great concerns" regarding virtual currencies
Bitcoin tumbled more than 12 percent following Park's remarks
South Korea's justice minister said on Thursday that a bill is being prepared to ban all cryptocurrency trading in the country.
That news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and ethereum.
According to industry website CryptoCompare, more than 10 percent of ethereum is traded against the South Korean won — the second largest concentration in terms of fiat currencies behind the dollar. Meanwhile, 5 percent of all bitcoin are traded against the won.
"There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," Park Sang-ki said at a press conference, according to the ministry's press office.
Bitcoin tumbled more than 12 percent following Park's remarks, according to CoinDesk's bitcoin price index that tracks prices from four exchanges. At 1:26 p.m. HK/SIN, the cryptocurrency price retraced some of its losses to trade at $13,547.7.
Park added that he couldn't disclose more specific details about proposed shutdown of cryptocurrency trading exchanges in the country, adding that various government agencies would work together to implement several measures.
Reuters further reported that a press official said the proposed ban on cryptocurrency trading was announced after "enough discussion" with other government agencies including the nation's finance ministry and financial regulators.
The news wire later added that once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months — or even years.
Cryptocurrency trading in South Korea is very speculative and similar to gambling. Major cryptocurrencies like bitcoin and ethereum are priced significantly higher in the country's exchanges than elsewhere in the world. For example, bitcoin traded at $17,169.65 per token at local exchange Bithumb, which was a 31 percent premium to the CoinDesk average price.
That difference in price is called a "kimchi premium" by many traders.
In fact, earlier this week, industry data provider CoinMarketCap tweeted that it would exclude some South Korean exchanges in price calculations due to the "extreme divergence in prices from the rest of the world" and for "limited arbitrage opportunity." The exchanges that were removed from the price calculation included Bithumb, Korbit and Coinone.
Last month, the South Korean Financial Services Commission said it was prohibiting cryptocurrency exchanges from issuing new trading accounts. If an exchange does allow new accounts, the government has the ability to take action to either stop trading or shut the exchange down, the commission said in a statement.
The commission added that, since much of the cryptocurrency trading was being done anonymously, users must use their real names.
The government also indicated it would closely monitor banks and would "swiftly" step in to limit fund flows into cryptocurrencies if necessary.
Bitcoin exposed stocks in South Korea took a major hit after the announcement. Shares of Omnitel, which has a bitcoin remittance business, crashed 30 percent, Vidente shares tumbled 29.96 percent, Digital Optics fell 13.7 percent and KPM Tech was down 5.48 percent.
That news from the justice minister comes after the country's largest cryptocurrency exchanges were raided by police and tax agencies this week for alleged tax evasion, people familiar with the investigation told Reuters.
—CNBC's Chery Kang, Evelyn Cheng and Reuters contributed to this report.
I also read many articles in online blogs. There is a lot of information regarding China and Korea on many policies to squeeze the crypto market in their country. This is having a lot of impact on the market as everyone in China and Korea is trying to sell the Altcoin they own. I will published here the content of the article in the web. looks like I am not allowed to publish weblink here..
Bitcoin falls as one of the world's biggest cryptocurrency markets readies a bill to ban trading
South Korea's justice minister said that the country is preparing a bill that will ban all cryptocurrency trading
Park Sang-ki told reporters that there are "great concerns" regarding virtual currencies
Bitcoin tumbled more than 12 percent following Park's remarks
South Korea's justice minister said on Thursday that a bill is being prepared to ban all cryptocurrency trading in the country.
That news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and ethereum.
According to industry website CryptoCompare, more than 10 percent of ethereum is traded against the South Korean won — the second largest concentration in terms of fiat currencies behind the dollar. Meanwhile, 5 percent of all bitcoin are traded against the won.
"There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," Park Sang-ki said at a press conference, according to the ministry's press office.
Bitcoin tumbled more than 12 percent following Park's remarks, according to CoinDesk's bitcoin price index that tracks prices from four exchanges. At 1:26 p.m. HK/SIN, the cryptocurrency price retraced some of its losses to trade at $13,547.7.
Park added that he couldn't disclose more specific details about proposed shutdown of cryptocurrency trading exchanges in the country, adding that various government agencies would work together to implement several measures.
Reuters further reported that a press official said the proposed ban on cryptocurrency trading was announced after "enough discussion" with other government agencies including the nation's finance ministry and financial regulators.
The news wire later added that once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months — or even years.
Cryptocurrency trading in South Korea is very speculative and similar to gambling. Major cryptocurrencies like bitcoin and ethereum are priced significantly higher in the country's exchanges than elsewhere in the world. For example, bitcoin traded at $17,169.65 per token at local exchange Bithumb, which was a 31 percent premium to the CoinDesk average price.
That difference in price is called a "kimchi premium" by many traders.
In fact, earlier this week, industry data provider CoinMarketCap tweeted that it would exclude some South Korean exchanges in price calculations due to the "extreme divergence in prices from the rest of the world" and for "limited arbitrage opportunity." The exchanges that were removed from the price calculation included Bithumb, Korbit and Coinone.
Last month, the South Korean Financial Services Commission said it was prohibiting cryptocurrency exchanges from issuing new trading accounts. If an exchange does allow new accounts, the government has the ability to take action to either stop trading or shut the exchange down, the commission said in a statement.
The commission added that, since much of the cryptocurrency trading was being done anonymously, users must use their real names.
The government also indicated it would closely monitor banks and would "swiftly" step in to limit fund flows into cryptocurrencies if necessary.
Bitcoin exposed stocks in South Korea took a major hit after the announcement. Shares of Omnitel, which has a bitcoin remittance business, crashed 30 percent, Vidente shares tumbled 29.96 percent, Digital Optics fell 13.7 percent and KPM Tech was down 5.48 percent.
That news from the justice minister comes after the country's largest cryptocurrency exchanges were raided by police and tax agencies this week for alleged tax evasion, people familiar with the investigation told Reuters.
—CNBC's Chery Kang, Evelyn Cheng and Reuters contributed to this report.
January 17, 2018, 02:30:30 AM
This news of banning bitcoin will only make the price of bitcoin to fall for a while, just watch and see what will happen to the price of bitcoin in the next two mouths.
January 17, 2018, 02:26:11 AM
Its a fake news
Like always
Like always
January 17, 2018, 02:22:30 AM
This news is false, is not true. I have a friend from South Korea, he said that this is a reason for the impact of bitcoin prices, but the information is fictional.
January 11, 2018, 10:39:35 AM
Here’s a picture of the Bithumb exchange after the raid:
Here’s the same exchange before the raid:
LOL
Here’s the same exchange before the raid:
LOL
Apparently no big difference.
January 11, 2018, 10:37:45 AM
I think "Forbes" solved this mess... https://www.forbes.com/sites/pamelaambler/2017/12/12/south-korea-is-not-banning-bitcoin-trade-financial-regulators-clarify/#3898f64b1427
January 11, 2018, 10:35:08 AM
Its just news to cause FUD , so whales can buy btc cheap and become richer. Market will shake it off in some days
January 11, 2018, 10:24:00 AM
Here is the full story: ‘Nothing Finalized’: South Korea Gov’t Ministries Diverge Over Crypto Ban Proposal
https://cointelegraph.com/news/nothing-finalized-south-korea-govt-ministries-diverge-over-crypto-ban-proposal
https://cointelegraph.com/news/nothing-finalized-south-korea-govt-ministries-diverge-over-crypto-ban-proposal
January 11, 2018, 10:01:53 AM
This is absurd and discouraging. I was told that south Korea is one of the strong hold of cryptocurrency to the extent that it is accepted at different sale areas. I am sure this will lead to panic sale.
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