Several High Valued & Potentially Risky Cryptocurrencies Delisted By Major South Korean Exchanges 0 65

Various types of digital currencies have been delisted at several locally operating South Korean cryptocurrency trade and exchange platforms. Strict regulations were introduced by the South Korean Government and in order to ensure compliance with these rules, crypto platforms have delisted those coins which potentially cause high risks. The trading of some of these highly risky coins has been suspended temporarily while in some cases trading has been suspended permanently.

The South Korean Government in Seoul had recently introduced a new set of rules and regulations regarding cryptocurrencies. The rules were to be implemented and applicable to crypto traders as well as cryptocurrency trade and exchange platforms. Although the crypto industry did have some objections with regard to the rules, however, more or less the industry agreed to rules.

While the date of implementation is reaching quickly, it has been seen that various platforms started to delist certain cryptocurrencies. According to the crypto exchanges, they are forced to delist certain digital currencies because of two reasons. Firstly, the currencies which have been listed are usually those which have higher values. Secondly, because they are of high value, therefore, they post potentially more risks than the cheaper valued cryptocurrencies.

It has been further informed by these exchanges that in some cases trading of certain digital assets has been suspended on a temporary basis. However, the trading of high-valued cryptocurrencies has been permanently closed until further instructions. The customers of the exchanges have been duly notified about the change through official emails. In addition, customer notice has been placed upon the websites’ homepage for the information of the customer. Even at the time of log into their accounts, a pop message will appear telling the customers about the change.

Similarly, further emails containing warnings have also been addressed to the customers about the risk and danger. They have been asked to trade very carefully if the digital currencies are high valued or that they possess high risks.

It was reported by the South Korean regulator that at least 20 exchanges had already acquired Information Security Management System licenses. Approximately 11 out of these 20 exchanges are the ones that have applied the policy of delisting high valued and risky cryptocurrencies. These exchanges include the names of some of the country’s biggest exchanges.

For instance, firms like Upbit are one of them which has delisted maro,, paycoin, quiztok, and observer. The next is Huobi Korea which too has delisted its very own crypto token. While at least 8 specific cryptocurrencies’ trading has been suspended by Coinbit. In addition, 28 tradable currencies at Coinbit too have landed on the warning list. Whether their trade will either be suspended temporarily or permanently or whether any suspension will take place or not, is not confirmed yet.

Meanwhile, every crypto trading firm would be required to obtain this Information Security Management System license. In the absence of this license, no firm will be allowed to render any services nor will it be allowed to carry on business.

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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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