Day: August 28, 2023

South Korean Crypto Exchanges Must Keep $2.3 Million in Reserves Beginning September

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As part of enhanced consumer protection, South Korean cryptocurrency exchanges will be required to keep at least $2.3 million (3 billion won) in reserves in bank accounts. Media reports said these requirements were outlined in July guidelines issued by the Korea Federation of Banks.The Korean banking association asked the locally registered crypto exchanges to set aside a minimum of 3 billion won or 30% of average daily deposits in reserves to “fulfill their liability for damages to users” in the case of a risk event. However, the banking association has…

South Korea’s Crypto Exchanges Face New Reserve Mandate

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Amidst a dynamic landscape in the South Korean crypto asset landscape, exchanges are bracing for change, with the Korean Federation of Banks issuing real-name account operation guidelines that demand a minimum reserve of 3 billion Korean won (USD $2.3 million). Discover StealthEX.io – the future of cryptocurrency. Swap instantly across 1000+ coins, no sign-up, secure, and private. Dive into the new age of crypto! While the guidelines aim to safeguard users from potential mishaps like hacking or system failures, cryptocurrency exchanges, which are already grappling with capital erosion, could face…

CryptoQuant Discusses How Bitcoin Has Changed In Past 1 Year

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The on-chain analytics firm CryptoQuant has discussed how the Bitcoin market has changed during the past year. Bitcoin Has Been Going Through Some Changes Recently In a new post on X, CryptoQuant has broken down the changes that the cryptocurrency’s landscape has observed recently. The first would be that the US-based exchanges have been registering withdrawals, while the global platforms have seen growing holdings. The relevant on-chain indicator here is the “exchange reserve,” which keeps track of the total amount of Bitcoin stored inside the wallets of a centralized exchange…

Team Behind Memecoin Pepe Issues Statement Regarding Massive Transfer of Coins to Crypto Exchanges

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The team behind Pepe (PEPE), the memecoin that’s taken crypto markets by storm this year, has issued a statement regarding a large transfer of coins that caught its community’s attention. A Pepe community leader posted to social media platform X to announce that some of the project’s personnel turned into “bad actors” who were in conflict with the remaining team members. According to the statement, all founding members except one anonymous entity have sold their stake and abandoned the project, which led to the heavy price correction last week when…

Are Locals Tuning Into El’s Salvador the Bitcoin Circular Economy?

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Similarly, through their deal with Mastercard, users can deposit money into ATMs and receive USDC in their wallets, with a 1% fee. His next goal is to roll out a micro-loan program for users to increase access to credit and to spur economic development. The goal is to slowly educate people on the benefits of saving in satoshis, the smallest economic unit of bitcoin, where they are receiving the immediate benefits of access to loans and ATMs, and the ability to pay bills in the DitoBanx app, all while getting…

Bitcoin traders pinpoint support levels as BTC price taps $26.2K

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Bitcoin (BTC) recovered its weekly close losses on Aug. 28 as risk assets rose on China tax cuts. BTC/USD 1-hour chart. Source: TradingView BTC price 200-week EMA stands out as support Data from Cointelegraph Markets Pro and TradingView followed a BTC price uptick into the day’s Wall Street open. BTC/USD managed $26,226, marking its highest levels since Aug. 25 and fully compensating for weakness seen overnight. News that China had cut tax on stock trading by 50% appeared to buoy U.S. futures into the open. The S&P 500 and Nasdaq…

Undisclosed SEC memo muddies waters in Ripple’s legal battle

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied An undisclosed SEC memo, spotlighted in a recent Twitter discussion, questions the agency’s initial stance on XRP’s classification, complicating Ripple’s ongoing legal battle. Bill Morgan highlighted a memo discussing the SEC’s internal views on XRP’s security status. John Deaton, in his response, clarified that the memo didn’t label XRP as a non-security but indicated no enforcement recommendations, suggesting the SEC didn’t initially view XRP as a security. To be clear, I didn’t say the memo concluded…