South Korean cryptocurrency exchanges, at the request of government regulators, are forced to stop registering anonymous accounts intended for transactions with digital currency. For violation of de-anonymization rules, the accounts of users who have not been identified in the system are banned.
The South Korean government has tightened the requirements for cryptocurrency exchanges due to the fact that digital currencies cannot be equated to fiat currencies and perform the same functions. Regulators are concerned about the fact that the prices of digital currencies on South Korean exchanges are higher than on exchanges in other countries and the high volatility of cryptocurrencies can lead to significant losses.
The government's decision to close anonymous accounts on the country's cryptocurrency exchanges is designed to reduce the risks of losses and avoid fraud. Last year, facts of the emergence of fraudulent exchanges in the Korean cryptocurrency market were revealed, which forced regulators to take action. Additionally, a legislative framework is being considered that will allow, if necessary, to close such exchanges.
South Korean government officials consider cryptocurrency trading to be speculative and do not see a rational function in it.
According to ttrcoin.com
You May Also Like
Shanghai police detained the founder of the OKex exchange
The founder of the world's second largest crypto exchange was arrested by the Shanghai police - such headlines appeared yesterday on social networks and local media. In fact, the CEO and founder of the OKCoin and OKEx cryptocurrency exchanges, Star Xu, was spotted at the local Shanghai police station. On the evening of the next day, Star Xu left the police station, which means that he was not charged within 24 hours, according to the law.
Chinese police arrested hackers who stole cryptocurrency
According to Xinhua, China's state-run newspaper, Chinese police have arrested three people suspected of stealing $87 million worth of Bitcoin and other cryptocurrencies.
