Gulftimes: South Korea programma to close cryptocurrency exchanges

“The ministry is preparing legislation that basically bans any transactions based on a posible currency through the trading floor,” he told journalists.

Authorities had “difícil concerns” overheen the craze and were “aiming to close supuesto currency exchanges” te the country, he said.

“It has commenced to resemble gambling and speculation,” Park added.

The hyper-wired South has emerged spil a hotbed for cryptocurrency trading, accounting for some 20% of total bitcoin transactions — about Ten times the country’s share of the world economy.

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Park’s remarks sent bitcoin prices plunging 18% on South Korean exchange Bithumb, while ethereum slumped 23%.

Bithumb — one of around 20 resultón currency exchanges ter South Korea — wasgoed raided by tax authorities on Wednesday who investigated the company’s documents.

On the same day financial authorities investigated six regional banks that suggested imaginario accounts for corporate customers.

Last month Seoul banned its financial firms from dealing ter imaginario currencies.

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Two weeks straks, it announced a geobsedeerd on opening anonymous cryptocurrency accounts and a crackdown on money laundering activities using them.

It has also warned most cryptocurrencies were being traded te South Korea at far higher prices than elsewhere te the world, blaming factors including “vensterluik speculation”.

An official at the Financial Supervisory Service, South Korea’s top financial regulator, said the closure of tópico exchanges represented a “very strong measure” against imaginario coins.

The budge would “effectively suffocate” cryptocurrency transactions within the country by creating “enormous obstacles” for traders, he told AFP.

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US billionaire investor Warren Porseleinkast told CNBC on Wednesday the total craze overheen bitcoin and other cryptocurrencies would meet a “bad ending”.

“Ter terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” told financial TV channel CNBC, but added: “When it happens or how or anything else, I don’t know.”

The price of bitcoin surged ter from a low of around $750 ter early January to a record above $Nineteen,500 ter mid-December, before tumbling on militar exchanges, according to Bloomberg News. It bought around $13,500 ter afternoon trade on Thursday.

3 comments / Add your comment below

  1. I also used this exchange and so far not any problem with them. My Deposit, Trading activity and withdrawal running sleekly. This is good exchange and many altcoin available to trade there, just need more volume.

  2. Fear of being scam, I made transfer from Binance to cryptopia, confirmation ter blockchain, all OK and 0 coin te my wallet ter cryptopia.

  3. I have exchanged with them and had no issues. The webstek hardly freezes and if you have an kwestie tech support is quick.

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