The suspension, according to local media reports, would only restrict virtual asset transfers for newly registered users, not affecting existing customer operations.
Korea's tech-heavy Kospi has plunged 20% in the last two trading sessions, potentially pushing that country's fast-money chasing traders back into crypto.
The National Tax Service said it had intended to provide a vivid shot of the seizure by sharing a photo.
The South Korean financial firm backs the U.S.-based blockchain company to accelerate enterprise wallet technology and real-world asset tokenization.
The South Korean crypto exchange’s CEO Le Jae-won said the lack of proper controls led to the erroneous transfer of bitcoin worth more than $40 billion to customers. Most has been recovered.
An internal reward distribution mistake briefly sent bitcoin prices sharply lower on South Korea’s Bithumb exchange after users were mistakenly credited with large phantom balances.
The partnership focuses on privacy, compliance and standards for regulated digital-asset adoption in South Korea.
Internal audit showed the coins were likely lost via a phishing attack during official storage, according to local media reports.
South Korean customs officials said they arrested three China nationals and have referred them for prosecution. They allegedly used an unauthorized crypto exchange to launder assets.
XRP has become the default trading chip of South Korea, bypassing Bitcoin and Ethereum to dominate the country’s high-velocity retail market. While institutional capital worldwide typically gravitates toward Bitcoin as a store of value, South Korean trading patterns tell a different story. Data from the country's largest exchanges reveals that when the market heats up, […]
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A new Digital Asset Act will regulate stablecoins, requiring 100% reserve backing and user redemption rights.
While South Korean financial officials acknowledged the need for new rules, disagreements over stablecoins delayed a broader crypto framework.
South Korea’s top money-laundering watchdog has slapped crypto exchange Korbit with a fine worth about ₩2.73 billion, or roughly $1.90 million, after finding widespread lapses in its compliance controls. Related Reading: Crypto Headed For A $10 Trillion Future? Hoskinson Says RWA Is The Key According to regulator statements and multiple news reports, the move follows an on-site inspection that uncovered thousands of rule breaches and several risky transfers abroad. Regulatory Findings And Scope Of The Inspection The Financial Intelligence Unit said inspectors found nearly 22,000 breaches related to AML and KYC rules. The FIU said the inspection, carried out from October 16 to 29, 2024, exposed serious gaps in how Korbit verified customer identities and handled transactions. Reports have disclosed that the exchange allowed some customers to trade before full verification was completed and accepted unclear or incomplete identity documents in many cases. The regulator also flagged 19 overseas transfers involving three unregistered foreign virtual asset service providers, a practice that is restricted under Korean law. The FIU highlighted the failure to carry out required risk checks for certain services, including some nonfungible token activities. In total, 655 cases were cited where mandatory risk assessments were not completed, according to the findings. Corporate responsibility measures were taken as well: the CEO received a formal caution and the compliance officer was reprimanded. An institutional warning was issued alongside the monetary penalty. Transaction Failures And Enforcement Details The inspection report described multiple instances where trading or withdrawals proceeded despite incomplete KYC steps. Such lapses raise the chance that illicit funds could move through the platform without timely detection. The FIU’s action is part of a broader push by South Korean authorities to tighten oversight of exchanges and bring them into closer alignment with international anti-money-laundering standards. Market sources indicate Korbit has been in discussions with Mirae Asset Group about a potential deal, with the exchange’s valuation reported at around ₩140 billion — roughly $97–$98 million. That interest comes even as regulators step up scrutiny, showing that traditional finance remains curious about crypto assets despite compliance headaches. Related Reading: Crypto ETFs Defy The Pullback With $32 Billion In Fresh Investor Cash What The Penalty Means For The Industry Other exchanges have also faced tougher checks in recent years as authorities press platforms to shore up controls. The Korbit case is likely to prompt more internal reviews across the sector and could speed up changes in procedures, staffing and technology meant to prevent repeat failures. Some measures will be public, while others may be handled behind closed doors. Korbit declined to comment directly to some outlets, while the FIU confirmed the sanction on December 31, 2025. The exchange will now need to demonstrate fixes or face possible further action. Featured image from Pexels, chart from TradingView
The South Korean regulator slapped Korbit with a compliance penalty as the crypto exchange conducts talks to be bought by Mirae Asset.
The Digital Asset Basic Act is stalled as regulators clash over who should be allowed to issue won-pegged stablecoins, extending uncertainty in one of Asia’s most active crypto markets.
The financial group is in talks to acquire a 92% stake in Korbit for a as much as 140 billion won ($97 million).
Lee shaped the exchange that defines Korea’s crypto market, but even after his exit this year, the country’s hyperactive retail engine will keep moving.
The deal would rename Sinsiway as Parataxis ETH, Inc. and make it South Korea's first ether-focused treasury platform backed by U.S. institutional capital.
Upbit said it reimbursed all 38.6 billion won in member assets from its reserves.
On Thursday, South Korea's largest digital asset exchange, Upbit, suspended deposits and withdrawals after detecting unusual activity in the Solana network tokens.
Upbit has suspended digital asset withdrawals after detecting irregular activity involving Solana network tokens.
The country's largest crypto exchange said the Financial Intelligence Unit has been wrong in the past and had actions overturned in court.
A Bybit spokesperson said the talks, reported by South Korea’s Maeil Business Newspaper, are “not within our knowledge.”
As crypto trading volumes collapse in South Korea, retail investors are flocking to the stock market, fueling a state-backed AI-driven rally that’s replaced altcoin mania with semiconductor fever.
The blockchain firm’s native token debuted Monday with strong activity on Binance and Korean exchanges, following a $18 million Series A raise in September.
Bithumb led with 12.4 billion won, followed by Upbit with 366 million won. Smaller amounts moved through Coinone and Korbit, while Gopax reported no activity.
Ethereum’s ongoing underperformance against Bitcoin has reignited debate over what’s holding the asset up, and who’s really behind its demand. According to Bitcoin advocate Samson Mow, roughly $6 billion in South Korean retail money is now propping up so-called Ethereum treasuries, companies accumulating ETH as a balance-sheet asset echoing MicroStrategy’s Bitcoin strategy. Mow issued the […]
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Naver Financial, the fintech arm of South Korea’s largest search engine, is weighing a potential share-swap agreement with Dunamu, the operator of Upbit. Earlier today, reports from local outlets suggested that the talks had already advanced into merger territory, but Naver’s regulatory filing clarified that no binding terms have been confirmed. The disclosure, submitted to […]
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The deal would bring Upbit's parent Dunamu under the umbrella of Naver Financial.
Alphractal called Kospi's record high an incremental signal that bitcoin's bull run may be nearing an end.