Cryptocurrency Exchange Services Suspended by Bybit in South Korea 0 27

As per the latest reports, Bybit one of the largest cryptocurrency exchanges in the world has made an announcement for South Korean users. The crypto-derivatives exchange has announced it will be halting its trading services in South Korea.

According to the exchange, it is not going to operate in South Korea after the deadline for the licensing has passed in the country. This means that yet another major cryptocurrency exchange will be shutting down its doors for the South Korean cryptocurrency community.

The announcement in regards to the discontinuation of services in South Korea was made by Bybit on Friday, September 17, 2021. In the announcement, the exchange confirmed that there will no longer be any South Korean support available through their platforms or website.

Even the social media channel it currently has for its South Korean community will discontinue and would no longer have the South Korean language supported on it. The officials at Bybit have announced that the discontinuation of the services in South Korea by Bybit will be in effect from Monday, September 20, 2021.

The firm has revealed that on the other hand, the trades from Korea will be able to use the services and products that are available through Bybit. The officials have clarified that these services will no longer be available in the South Korean language.

Bybit has confirmed that it will be removing its operations involving cryptocurrencies prior to the implementation of the crypto regulations in the country. It was reported that the new crypto-regulations will be implemented in South Korea starting September 24, 2021. Therefore, the firm aims to decommission its operations in the country prior to the deadline.

It was revealed by Bybit that they had already discussed the matter with the regulatory authorities in South Korea about the acquisition of licensing. However, the South Korean regulators stated that only the local entities would be eligible for the licensing. Unfortunately, the setup they have in South Korea was not enough to earn them the right to be eligible for a license.

In the light of the above, even if they wanted to, they would not be able to acquire the license to operate in South Korea.

With the implementation of the new crypto law, all local, as well as foreign exchanges operating in South Korea, are legally bound to fulfill requirements for the Anti-Money Laundering policy. This was for any exchanges that were providing support and services to South Korean investors in the South Korean language and South Korean denominated trading pairs.

Bybit is not the only exchange that had to discontinue offering its services in South Korea. One of the major exchanges that discontinued its services in South Korea was Binance Korea that ended its operations in the country in early 2021.

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Sentenced ‘Bitcoin Czar’ Named Among Pandora Papers 0 9

Juts couple of days ago ICIJ published its new research about some of the world’s top leaders’ and influential peoples’ stories of financial misconducts.  The reports by ICIJ also argued that “Bitcoin czar” may have been the member of the Carbanak hacking group. The International Consortium of Investigation Journalists (ICIJ) have also discussed the crypto criminal in their new leaks called “Pandora Papers.’

The ICIJ’s Pandora Papers have claimed “Bitcoin czar” a famous criminal who masterminded the largest “cyberheist in history” own the offshore assets. However, the Pandora Papers also said that those offshore assets being managed by a third independent firm.

Pandora Papers have exposed how some of the world’s most influential people have hidden their wealth. Where those papers have exposed world’s top 300 politicians and businessmen. The report has also discussed the operations of hacker group Carbanak. The cybergang according to the reports have stolen around $1.24 billion from financial institutes and the digital crypto exchnages as well. The network operated over more than 100 countries from 2013 to 2017.

However, the most famous arrest of this network’s members came in 2018, when the authorities finally managed to arrest the master mind Denis Tokarenko (also known as Denis Katana), and many people have voiced that Pandora Papers indirectly called his name.

The reports published by the Bloomberg’s business research and network team concluded that at the time of Tokarenko’s arrest back in the month of March 2018, the Spanish National Police recovered 15,000 Bitcoin (BTC), worth $162 million from his possession. This is history’s biggest crypto scam till today.

The illegal approach adopted by the Tokarenko did not just end here. The Chief inspector of the Spanish police, Carlos Yuste also told the sources that Tokarenko also purchased a bitcoin mining system in China. He used his mining system to launder his illegal Bitcoins as well.

Despite the fact that Pandora Papers have not directly covered the crypto thefts and other cyber-attacks, but these papers have partially included the incidents from digital trading as well. This leads to the future possibility the ICICJ might decided to open up about the digital thefts and cybercrimes incidents as well.

But the fact is that Pandora Papers have provide quite the useful insight about the some of world’s most famous cyber-attacks on the recent time. If authorities decided to put investigate these facts, then there might be multiple people who find them behind the bar. The primary issue regarding the cyber-attacks culprits is that majority of them gets away because of the lack of the profs. The only notable person who was sent to prison on committing a cybercrime was former Rizal Commercial Banking Corporation employee Maia Santos Deguito.

Uzbekistani Citizens Warned Against the Use of Unauthorized Exchanges 0 9

The government of Uzbekistan has been quite proactive when it comes to the use of crypto exchanges. As most of you may know, there has been a fair bit of commotion in the crypto world and most of it exists because of the regulations being implemented by a large number of governments. While some people are not in the favor of these regulations, many people, including a large number of crypto experts believe that they will be quite handy.

This is because regulating crypto will ensure that people don’t have to worry about false transactions, scams, frauds, and a large number of other issues prevalent in the world of crypto. The government of Uzbekistan has been especially quite determined to eliminate crypto-related corruption in the country. One of the first steps that the country has taken is to make sure that people in the country steer clear from making transactions with unauthorized exchanges.

For those who don’t know, there are loads and loads of exchanges operating in Uzbekistan and other countries in the world. Sure, not all of them are unauthorized but you will be surprised to learn that a large number of them happen to not be authorized.  What makes things so complicated is the fact that knowing which exchange is legit and which one isn’t can be quite challenging. This is because most exchanges, if not all, look one in the same and it is difficult for people to tell them apart.

This is one of the main reasons why the government of Uzbekistan has stepped in and tried to take matters into its own hands. One of the main aims of this exchange is to make sure that people do not have to worry about checking which exchange they would choose to invest crypto in. Instead, the government has been helping people quite a bit by creating teams just for the purpose of checking these exchanges.

In addition to that, the Uzbekistani government has also issued a notice against unauthorized crypto exchanges, stating that using them could result in serious action. Upon checking some of the exchanges operating in Uzbekistan, it was learned that there were more than 5 of them that did not have their own offices in the country. Instead, research teams found out, after a thorough investigation that these unauthorized exchanges were operating from somewhere else.

This was enough to suggest that the government is indeed hard at work to steer clear from crypto corruption in the country. Because of this, governments of other countries have also become quite proactive in order to eliminate any sort of corruption to keep investors safe.

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