Image Image Image Image Image Image Image Image Image Image Image Image

| October 21, 2018

Scroll to top

Top

South Archives -

BTCC Launching Cryptocurrency Exchange in South Korea

October 17, 2018 |

BTCC Launching Cryptocurrency Exchange in South Korea

Hong Kong-headquartered cryptocurrency exchange BTCC is reportedly launching services in South Korea this month. In addition to a cryptocurrency exchange, the company will offer a wallet service, a mining pool, and a consumer payments service, according to its Korean website.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

BTCC Expanding Into South Korea

BTCC, formerly known as BTC China, is launching services in South Korea on Oct. 31, according to the Investor. The beta service will start this month and the exchange “will make its official debut in November,” the publication added.

BTCC Launching Cryptocurrency Exchange in South Korea“The world’s first cryptocurrency exchange BTCC is preparing to open in Korea,” the company wrote on its Korean website’s homepage. Four services are listed: an exchange, a wallet service, a mining pool, and a service to facilitate consumer payments. “BTCC is establishing an on / offline payment system using cryptocurrency,” its website states, adding that it “is expanding services for real-life use.”

The news outlet elaborated:

BTCC said it will expand its footprint through strategic tie-ups with local and global firms.

BTCC Launching Cryptocurrency Exchange in South KoreaFounded in 2011, BTCC was one of the largest cryptocurrency exchanges in the world by trading volume before the Chinese government cracked down on cryptocurrencies and initial coin offerings (ICOs) in September last year. The government’s action caused all major cryptocurrency exchanges to exit China and move their operations overseas.

Following the crackdown, BTCC shut down its operations in China and re-launched its services in Hong Kong. The company is now headquartered in Hong Kong but serves a global customer base. The new BTCC exchange offers the trading of five cryptocurrencies against the USD — BTC, BCH, ETH, LTC, and DASH. In addition, the latter four cryptocurrencies can be traded against BTC. The BTCC Korea exchange, however, has not announced which coins will be supported.

BTCC Launching Cryptocurrency Exchange in South Korea
Cryptocurrencies supported on the main BTCC website.

Korean Cryptocurrency Ecosystem

BTCC Launching Cryptocurrency Exchange in South KoreaThe South Korean cryptocurrency market is dominated by four exchanges: Upbit, Bithumb, Coinone, and Korbit. Bithumb is the largest cryptocurrency exchange in the country by trading volume while Upbit is the largest by the number of coins listed. Upbit, which offers the trading of 164 coins in 276 markets, is a partner of U.S.-based exchange Bittrex and is backed by Kakao Corp., the operator of the country’s most popular chat app, Kakao Talk.

On Oct. 12, Bithumb confirmed that it was sold to a consortium led by a well-known plastic surgeon, as news.Bitcoin.com previously reported.

Another major cryptocurrency exchange that exited China and entered the South Korean market following the Chinese government’s crackdown is Huobi. The exchange launched its Korean operations in March, offering the trading of over 100 coins in over 200 markets, according to its website.

What do you think of BTCC expanding into South Korea? Let us know in the comments section below.


Images courtesy of Shutterstock and BTCC.


Need to calculate your bitcoin holdings? Check our tools section.

The post BTCC Launching Cryptocurrency Exchange in South Korea appeared first on Bitcoin News.

Bitcoin News

Climbers who died in Nepal storm included famed South Korean

October 15, 2018 |

The nine climbers who died during the worst disaster on a Nepal mountain in recent years included the first South Korean to summit all 14 Himalayan peaks over 8,000 meters without using supplemental oxygen.
FOX News

South Korea’s Largest Crypto Exchange Sold to Singapore-Based Consortium

October 13, 2018 |

South Korea’s Largest Crypto Exchange Sold to Singapore-Based Consortium

The largest cryptocurrency exchange in South Korea by trading volume, Bithumb, has reportedly been sold to a Singapore-based consortium for approximately 400 billion won or $ 354 million. Bk Global Consortium, led by plastic surgeon Kim Byung-gun, will acquire the controlling stake and become the largest shareholder of Bithumb.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Bithumb Sold

A spokesman for Bithumb confirmed Friday that the exchange “was sold for about $ 354 million to a consortium led by a plastic surgeon,” Reuters reported and quoted him saying:

Bk Global Consortium, led by Kim Byung-gun, plastic surgeon and blockchain platform investor, signed a deal on Thursday to buy 50 percent plus one share in the exchange’s biggest stakeholder, BTC Holdings, for about 400 billion won ($ 354.09 million). The deal makes Bk Global Consortium the largest stakeholder of Bithumb.

South Korea’s Largest Crypto Exchange Sold to Singapore-Based ConsortiumThe deal will be finalized in February, Bloomberg further quoted the spokesman. Bithumb’s April audit report shows that BTC Holdings was the largest shareholder, with a 75.99 percent stake in the exchange. The second largest shareholder, Vidente Co. Ltd., held a 10.55 percent stake, followed by Omnitel at 8.44 percent, Chosun detailed.

Kim founded Bk Plastic Surgery 23 years ago and is the representative of the Bk Medical Group, which links China, Singapore and Korea, MTN detailed. He also established an ICO platform in Singapore last August.

About Bithumb

South Korea’s Largest Crypto Exchange Sold to Singapore-Based ConsortiumBithumb is currently South Korea’s largest cryptocurrency exchange by trading volume. According to Vidente, the exchange posted 218.6 billion won of operating profit and 39.3 billion won of net income in the first half of the year, Bloomberg described. Semi-annual reports of BTC Holdings show that Bithumb’s sales reached 303 billion won in the first half of this year.

In addition, News Asia reported that the price which Bk Global paid for Bithumb is lower than the exchange’s $ 880 million valuation appraised in early February, adding that the consortium’s own valuation of the exchange is even higher, at more than two trillion won plus the management rights premium. The news outlet quoted a Bk Global Consortium official asserting:

We will also promote the introduction of a stable coin to stabilize the payment system. We will be in conjunction with the global exchange scheme to take advantage of the coin linked to the US dollar.

In June, Bithumb said it was hacked and 11 cryptocurrencies were stolen. The estimated damage was about 19 billion won. This week, the exchange launched two indices to track the cryptocurrency markets.

What do you think of Bk Global Consortium acquiring the controlling stake of Bithumb? Let us know in the comments section below.


Images courtesy of Shutterstock and Bithumb.


Need to calculate your bitcoin holdings? Check our tools section.

The post South Korea’s Largest Crypto Exchange Sold to Singapore-Based Consortium appeared first on Bitcoin News.

Bitcoin News

Largest South Korean Exchange Launches Crypto Market Indices

October 12, 2018 |

Largest South Korean Exchange Launches Crypto Market Indices

The largest crypto exchange in South Korea by trading volume, Bithumb, has launched two cryptocurrency market indices. One tracks all coins listed on the exchange while the other tracks only altcoins. Meanwhile, Upbit, the country’s largest crypto exchange by the number of coins listed, has two similar indices and sub-indices divided into three broad categories.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Bithumb Launches Crypto Indices

Largest South Korean Exchange Launches Crypto Market IndicesBithumb announced Wednesday the launch of Bithumb Crypto Index (BTCI) which comprises two separate indices.

The exchange detailed:

BTCI has been developed in consideration of market representation and liquidity to provide investors with a single indicator that can show the trends of the cryptocurrency market. It consists of Bithumb Market Index (BTMI)…and Bithumb Altcoin Market Index (BTAI).

BTMI is calculated based on all cryptocurrencies listed on Bithumb while BTAI only takes into account “all non-bitcoin cryptocurrencies” listed on the exchange. The former aims to provide “an overall view of the price changes in the cryptocurrency market” while the latter “a view of the price changes in the cryptocurrency market excluding bitcoin.” Bithumb began calculating BTCI on July 1. The index is calculated real-time and updated every 10 seconds.

Largest South Korean Exchange Launches Crypto Market Indices

At the time of this writing, Bithumb is South Korea’s largest crypto exchange by trading volume, according to Coinmarketcap. With 53 cryptocurrencies listed for trading against the Korean won, the exchange has a 24-hour trading volume of $ 726,488,270.

Upbit’s Crypto Indices

The country’s largest crypto exchange by the number of coins listed, the Kakao-backed Upbit, also has a crypto index called Upbit Cryptocurrency Index (UBCI). Launched in May, the index consists of two main indices: Upbit Market Index (UBMI) and Upbit Altcoin Index (UBAI). However, there are also over 20 sub-indices grouped into three broad categories: market, theme, and strategy.

Largest South Korean Exchange Launches Crypto Market Indices“The index is designed to help investors grasp the movements of the cryptocurrency market at a quick glance,” Business Korea detailed at the time and quoted Lee Seok-woo, the president of Dunamu Inc. which operates Upbit, commenting:

The UBCI will become a standard in observing the whole cryptocurrency market…We will improve it in terms of technology and management to make it a representative index not only in the Korean market but in the global market.

Largest South Korean Exchange Launches Crypto Market Indices

At the time of this writing, Upbit has a 24-hour trading volume of $ 292,249,180, making it the second-largest crypto exchange in Korea by trading volume, according to Coinmarketcap. The exchange currently has 166 coins listed and supports 276 markets.

What do you think of Korean exchanges’ crypto indices? Let us know in the comments section below.


Images courtesy of Shutterstock, Bithumb, and Upbit.


Need to calculate your bitcoin holdings? Check our tools section.

The post Largest South Korean Exchange Launches Crypto Market Indices appeared first on Bitcoin News.

Bitcoin News

Total of 7 Crypto Exchanges and 158 Wallets Hacked in South Korea, Police Find

October 7, 2018 |

Total of 7 Crypto Exchange and 158 Wallet Hacks in Korea, Police Find

The South Korean National Police Agency has produced a report of all hacking incidents of crypto exchanges and wallets in the country during the past three years. According to local media, there were seven hacking cases of crypto exchanges and 158 cases of wallet hacks, 91 of which happened this year. However, only six arrests were made.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Korean Police’s Crypto Hacking Report

The South Korean National Police Agency has compiled a report of known hacking incidents that occurred in the country since 2016, according to local media.

Total of 7 Crypto Exchange and 158 Wallet Hacks in Korea, Police Find
Lawmaker Cho Won-jin.

The report entitled “Status and Measures of Hacking Damage of Virtual Currency Exchanges in the Last Three Years” was submitted to the South Korean government and unveiled by lawmaker Cho Won-jin on Wednesday. The data shows “there were seven [crypto exchange] hacking cases since 2016” and the amount “illegally withdrawn through hacking was 112 billion won [~$ 99 million],” Dtoday reported.

“The amount of money stolen by the hacking of cryptocurrency exchanges has been steadily increasing every year,” Boan News noted. “The amount of illegal withdrawals, which was only KRW 300 million [~$ 265,282] in 2016, increased to KRW 40.5 billion [~$ 35.8 million] in 2017, and two hacking cases occurred in 2018, amounting to KRW 71.3 billion [~$ 63 million] in theft.”

The Korean Digital Times added:

From 2015 to 2018, there have been 158 cases of hacking of virtual currency personal wallets, in particular, 91 cases this year. However, [only] in six cases were arrests made.

Total of 7 Crypto Exchange and 158 Wallet Hacks in Korea, Police FindAccording to the report, there were 62 reported cases of wallet hacks last year.

For crypto exchanges, one incident was reported in 2016. Crypto exchange Ripple4y was hacked on July 26, 2016. Four exchange hacks were reported last year: Yapizon on April 22, Bithumb on June 28, Coinis on Sept 23, and Youbit on Dec. 19. Youbit was formerly Yapizon but changed its name after the April hack. This year, two hacking incidents were recorded: Coinrail on June 10 and Bithumb on June 19.

Government Inspections Ineffective

Total of 7 Crypto Exchange and 158 Wallet Hacks in Korea, Police FindThe Korean government has been conducting security inspections of crypto exchanges operating in the country. Ten of them were inspected between September and December last year; 21 were inspected between January and March this year. Many security issues were found, as news.Bitcoin.com previously reported.

Commenting on the report and the inspections by the government, lawmaker Min Kyung-wook was quoted by Boan News saying:

The nature of cryptocurrency exchanges is always exposed to cyber threat…the hacking accidents occurred even in the places where the government conducted security checks.

Specifically, three crypto exchanges were hacked even after they were inspected by the government. Youbit was inspected in October last year but was hacked on Dec. 27. Similarly, Coinrail was inspected in February this year but was hacked on June 10. Bithumb, one of the country’s largest crypto exchanges, was the latest hack victim. The exchange was inspected twice by the regulators but was hacked on June 19.

What do you think of South Korea’s National Police Agency’s findings? Let us know in the comments section below.


Images courtesy of Shutterstock and Gokorea.


Need to calculate your bitcoin holdings? Check our tools section.

The post Total of 7 Crypto Exchanges and 158 Wallets Hacked in South Korea, Police Find appeared first on Bitcoin News.

Bitcoin News

South Korean Regulators Discuss Proposals for ICO Legislation

October 6, 2018 |

South Korean Regulators Discuss Proposals for ICO Legislation

Korean lawmakers are increasingly pushing for the regulation of initial coin offerings (ICOs) with multiple bills currently pending at the National Assembly. This includes a proposed amendment to the Electronic Financial Transactions Act. Meanwhile, the Korean Blockchain Association has also come up with its own set of guidelines for crypto exchanges and ICOs.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Five Crypto-Related Bills

South Korean Regulators Discuss Proposals for ICO LegislationIt has been about a year since initial coin offerings (ICOs) were banned in South Korea, but the government has yet to introduce a set of guidelines for them.

There are more than five crypto-related bills pending in the National Assembly, Chosun wrote on Friday. In addition, lawmaker Park Yong-jin of the Democratic Party has proposed an amendment to the Electronic Financial Transactions Act, which would regulate cryptocurrencies and initial coin offerings, the publication added.

South Korean Regulators Discuss Proposals for ICO LegislationRepresentative Ha Tae-kyung said last week that ten lawmakers who worked on this bill are pushing for the government to lift the ban on ICOs. The bill proposes definitions of crypto-related businesses such as trading, brokerage, and management.

Furthermore, ICO issuers must ensure that their tokens adhere to certain standards and obtain approval from the Financial Services Commission (FSC) before launching ICOs, Asia Economy TV explained. Chosun added that with the FSC being part of the process, it will “strengthen the stability and credibility” of the crypto industry.

Looking Abroad

South Korean Regulators Discuss Proposals for ICO LegislationAt a National Assembly meeting on Tuesday, the FSC was questioned about its ICO policy.

“Min Byung-doo, a Democratic Party member asked [the FSC about] the possibility of a change in the government’s policy on the ICO ban,” the Korea Economic Daily reported. He explained that a number of other countries such as the U.S., Switzerland, and Singapore have embraced ICOs.

Responding to Min’s question, FSC Chairman Choi Jong-ku emphasized that “The current policy of banning ICOs has not changed,” adding:

We are investigating the side effects of initial coin offerings (ICOs) from cases in overseas countries.

After token sales were banned in September last year, local companies have been fulfilling their needs abroad in countries which allow ICOs, such as Singapore and Switzerland.

Self-Regulatory Plans

South Korean Regulators Discuss Proposals for ICO LegislationThe Korean Blockchain Association unveiled its self-regulatory guidelines for crypto exchanges and ICOs at a blockchain event in Seoul on Tuesday, Asia Economy Daily reported. The association has been trying to enforce self-regulation on its members that are crypto exchanges.

The association’s chairman, Chin Dae-je, detailed that an ICO will be permitted after the group has examined the feasibility of the project by reviewing its whitepaper, the publication conveyed. The whitepaper must include information such as project name, services, investors, technology sources, schedules, and investment risks. In addition, the token issuer must collect “only transparent funds” from identified investors.

Also in the guidelines is an exchange registration system, a capital requirement of more than 2 billion won (~$ 1.77 million), listing criteria, fee disclosure requirements, a complaint management system, and anti-money laundering (AML) requirements.

Do you think South Korea will regulate ICOs soon? Let us know in the comments section below.


Images courtesy of Shutterstock and the FSC.


Need to calculate your bitcoin holdings? Check our tools section.

The post South Korean Regulators Discuss Proposals for ICO Legislation appeared first on Bitcoin News.

Bitcoin News

South African Startup Centbee Launches Bitcoin Cash Payments App

October 3, 2018 |

South African Startup Centbee Launches Bitcoin Cash Payments App

Centbee of South Africa has announced the launch of its bitcoin cash wallet app in beta, as adoption continues to grow in Africa and elsewhere around the world. Some shops in Kenya already accept bitcoin cash for purchases.

Also read: BCH Roundup: Merchant Adoption, Wallet Services And Hackathon.

Centbee Wallet App Allows Users to Send Bitcoin Cash to Friends via Mobile

South African cryptocurrency firm Centbee has released the beta version of its bitcoin cash wallet, allowing users to send BCH to one another via cellphone. The app, which allows people to receive, hold, and spend BCH, has been in alpha testing for the past few months, with users trying out its performance through test coins. Users have asserted that “its most useful feature is the ability to send bitcoin cash to friends by selecting from their phone’s contacts list,” according to reports.

Centbee co-chief executive officer Angus Brown said he was “extremely confident of the final product” after the company included comments from customers in the beta version. “Cryptocurrency as a form of payment costs a fraction of what users would pay using their bank accounts, especially for cross-border payments. This is the future of money,” he was quoted as saying.

Africa Sees Steady Growth in BCH Adoption

Bitcoin cash offers reliable, fast and inexpensive cryptocurrency transactions when compared to traditional means of sending money. In Africa, the cryptocurrency, which split from bitcoin core just over a year ago, has seen steady growth as a payment means for goods and services. According to the Coinline bitcoin cash directory of merchants, BCH as a payment method is currently established in two countries on the continent, Kenya and South Africa, though it continues to flourish elsewhere in the world.

South African Startup Centbee Launches Bitcoin Cash Payments App
BCH merchant directory

In South Africa, the latest launch proves the growing acceptance and adoption of cryptocurrency, regardless of regulatory concerns and falling virtual currency prices. South Africa, which recently gained its first multi-currency crypto ATM, has this year consistently ranked highest worldwide in search interest for “bitcoin”, according to data from Google Trends.

Boxlight Electronics, a Kenyan company that distributes a range of electrical gadgets including television sets and home theaters, now accepts payment in bitcoin core and bitcoin cash. Robinson Murage, chief executive officer of Boxlight Electronics, has said previously: “We have received tons of requests from our customers to pay using digital currencies. As a company whose 90% of customers are young, tech savvy and predominantly online we choose to be all inclusive and adapt to the needs of those that prefer this type of currency.”

At Centbee in South Africa, co-chief executive Lorien Gamaroff explained: “Our key focus in designing the app was to make sending bitcoin cash to friends as simple as possible. In just a few taps, users can send bitcoin cash to anyone, anywhere at the lowest possible cost. Bitcoin cash will be adopted globally as the best way to pay, especially in Africa and other developing markets.”

What do you think about Centbee’s new wallet app and the adoption of bitcoin cash in Africa? Let us know in the comments section below..


Images courtesy of Shutterstock and Coinline


Need to calculate your bitcoin holdings? Check our tools section.

The post South African Startup Centbee Launches Bitcoin Cash Payments App appeared first on Bitcoin News.

Bitcoin News

Tense International Encounter Unfolds in South China Sea

October 2, 2018 |

A tense encounter unfolded Sunday between US and Chinese vessels in the South China Sea. Per CNN , the American destroyer USS Decatur was aggressively approached by a Chinese warship while conducting what are called freedom of navigation operations in the Spratly Islands. in a statement, Capt. Charles Brown with the…
Newser

TMZ

Parkland Leader Cameron Kasky Appreciates ‘South Park’ Taking on School Shootings

September 28, 2018 |

Student activist Cameron Kasky — one of the survivors of the mass shooting at Marjory Stoneman Douglas — appreciates “South Park” … even when it satirizes the tragedies he and way too many other kids have gone through.  We got the Parkland…

TMZ.com

Fancy South Korean grocer PK Market to open first U.S. store in downtown L.A.

September 27, 2018 |

At popular new supermarkets in Seoul, customers can do more than order a prime cut of meat, trimmed to their wishes. They can sit down at a small eatery in the meat department and order a grilled meal, or dine on tempura and sushi where fresh seafood is sold.

Mixtures of groceries and casual dining…


L.A. Times – Business