The South Korean crypto exchange volume surpassed one of the stocks in the country and the increase came once the price of BTC surpassed $60,000 as of today so let’s read more in our latest cryptocurrency news today.
The South Korean crypto exchange volume in the past 24h-hours, including the one from Korbit, Coinone, Upbit, and Bithumb, reached $14.6 billion and the same metric was roughly $14.5 billion on the Korea Composite Stock Price Index. $10 billion was set on the Korean Securities Dealers Automated Quotations. The increase in volume came with the price of BTC that increased to a new ATH of $61,000 before dipping under $60,000 again.
It should be noted that the volume on CoinMarketcap cannot be as accurate because of the prevalence of inflation. The data website introduced a few initiatives to fight against the inflated volume data but the figures reported that they are higher than what’s seen on Messari. Some exchanges in South Korea experienced their share of regulatory and business-related challenges in 2020 like the local authorities seizing Coinbit which was the third biggest exchange in Korea, due to 99% of the transaction volume on the exchange being wash trading. The data showed that the 24-hour transaction volume is now just over $900 million.
In addition, the major crypto exchange Binance and its branch in the country will shut down in January because of shrinking liquidity and low trading volume of the trading pairs. BitHumb which is the second biggest exchange in the country announced that it will be implementing new Anti-money laundering measures.
Also as recently reported, The rules are not in effect yet but the South Korea regulator says that they are already affecting the crypto market. The leading financial regulatory introduced penalties for crypto exchanges that don’t implement anti-money laundering laws and the FSC announced that starting April 20, all crypto exchanges and other crypto-related companies which facilitate crypto transactions will face fines of $26,000 to $52,000 which is more than 40% of the legal penalties. The companies will have to pay fines if they don’t report suspicious transactions and will have to keep data on all of the transactions while maintaining a log of customer transactions and the smaller companies will have to pay smaller fines as well.
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