US Exchanges Race to Launch Regulated Physically-Delivered Bitcoin Futures

The race to launch regulated physically-delivered bitcoin futures is back on for three US-regulated trading platforms after one of them hit a snag with the country’s derivatives regulator, the Commodity Futures Trading Commission. Two other exchanges are racing to launch similar products this year. Also read: SEC Commissioner: US Could Draw Crypto Policy From These Countries Ledgerx Approved for Swaps, Not Futures Three regulated trading platforms in the U.S. are vying to become the first to launch physically-delivered bitcoin futures. One of them almost reached the finish line ahead of…

Bitcoin Exchanges in South Korea to come Under Direct FSC Regulatory Purview

Reports from media sources in South Korea say the country’s top financial regulator plans to directly oversee the regulation of local Bitcoin exchanges, August 7, 2019. This move likely includes the creation of registration and licensing requirements for South Korean crypto bourses. Platforms in the country have in recent times had to adjust to a stricter regulatory climate following recent guidelines from international money laundering watchdogs. Direct Supervision According to Business Korea, the Financial Services Commission (FSC) has unveiled plans to take over the regulation of Bitcoin exchange platforms in…

Confidential UN Report: North Korea Stole $2 Billion from Banks and Crypto Exchanges

The government of North Korea has managed to swipe $2 billion from cyberattacks on international financial and crypto organizations, and spent that money on its nuclear program. The news came from a classified UN report prepared by an independent team of experts who presented it last week to the United Nations Security Council’s North Korea Sanctions Committee. The report suggests that the North Korean government spent a large amount of money in support of its nuclear weapons program from cyber-attacks on banks and cryptocurrency exchanges. As the report suggests, “North…

South Korea to Bring Crypto Exchanges Under Direct Regulation

The Financial Intelligence Unit (FIU) of South Korea’s Financial Services Commission has revealed plans to bring cryptocurrency exchanges under its direct regulation. On August 7, Business Korea reported on the FIU’s decision to shift away from its current practice of regulating crypto exchanges indirectly by providing administrative guidance to domestic banks. A shift away from indirect regulation In order to bring crypto exchanges into the country’s regulatory system, an FIU official revealed on Aug. 6 that the South Korean government will introduce a crypto exchange licensing system, as recommended by…

South Korean Watchdog Plans Direct Supervision of Crypto Exchanges

A South Korean financial watchdog under the Financial Services Commission (FSC) is planning to more closely supervise cryptocurrency exchanges. The agency in question, the Financial Intelligence Unit (FIU), has said it will directly regulate crypto trading platforms, which currently are indirectly controlled via guidance given to banks, says a report in Business Korea on Wednesday. For example, last year, the FSC amended the anti-money laundering rules applying to cryptocurrency exchanges, which was to be carried out by requiring domestic banks to tighten up monitoring of exchange-held accounts. In today’s report, Lee Tae-hoon, director…

UK’s Tax Authority Requests User Data From Crypto Exchanges: Report

The United Kingdom’s tax, payments and customs authority Her Majesty’s Revenue & Customs (HMRC) has reportedly requested that digital currency exchanges provide it with information about customers’ names and transactions aiming to identify cases of tax evasion. Crypto exchanges come under fire According to fintech-focused media outlet Coindesk, industry sources said that the agency has sent letters to at least three crypto exchanges in the U.K., including Coinbase, eToro, and CEX.io, requesting that they provide lists of users and transaction data. HMRC is reportedly aiming to cooperate with crypto exchanges…

North Korea Stole $2 Billion in Cryptocurrency From Exchanges, Says UN

North Korea has netted around $2 billion by hacking banks and cryptocurrency exchanges, according to the United Nations (U.N.). UN: Hacked crypto funds weapons of mass destruction In a confidential report acquired by mainstream media outlets including Reuters on Aug. 5, the U.N. Security Council North Korea sanctions committee said that hackers formed an essential part of government funding.  “Democratic People’s Republic of Korea cyber actors, many operating under the direction of the Reconnaissance General Bureau, raise money for its WMD (weapons of mass destruction) programs, with total proceeds to…

Korea’s ‘Big 4’ Bitcoin Exchanges Facing Strict AML Scrutiny from Banks

The latest news emerging from South Korea indicates that Bitcoin exchanges are facing a surprisingly increased level of scrutiny of commercial banks amid the renewal of banking services. The revelation comes as the intergovernmental Financial Action Task Force (FATF) continues to urge countries to enact stricter regulatory controls over the crypto industry. This according to a report from The BChain, July 29, 2019. Banks Apply AML Pressure The ‘big four’ Bitcoin exchanges in South Korea — Upbit, Korbit, Bithumb, and Coinone, aren’t finding the renewal of banking services process to…

Four Crypto Exchanges Face Stricter Regulation in South Korea: Report

Four South Korean cryptocurrency exchanges are reportedly facing stricter regulation as they aim to renew their banking accounts. As local industry media TheBchain reports on July 29, the new requirements come after the Financial Action Task Force (FATF) released recommendations on virtual currency regulations. Per the report, South Korean cryptocurrency exchanges Bithumb, Upbit, Coinone and Korbit will have to comply with new, stricter norms to successfully renew their banking partnerships following the FATF guidance released in June. As Cointelegraph reported at the time, the new guidance posits that crypto asset…

Ripple Sells $250M XRP in Q2; Now Traded in Over 130 Crypto Exchanges

Ripple’s market report for the second quarter of 2019 shows that the cryptocurrency firm experienced a price gain of 28.20% over what it had in the first quarter. Adding to that, the list of crypto exchanges that trade Ripple (XRP)trade across the globe increased to more than 130 in the second quarter. This enormous growth is accredited to the roles played by institutional and programmatic sales amongst others. The report indicates that institutional direct sales accounted for $106.87 million XRP sales while the remaining $144.64 million was attributed to programmatic…