Cryptocurrency exchanges

Korean crypto exchanges to be subject to penalties for any AML failures

Korean crypto exchanges to be subject to penalties for any AML failures

South Korea’s Financial Services Commission (FSC), the country’s top financial regulator, has introduced new penalty standards for crypto exchanges if they fail to implement proper anti-money laundering (AML) measures.

The standards, announced Wednesday and effective from April 20, align with Korea’s revised act on Reporting and Using Specified Financial Transaction Information that is going into effect later this month.

Under the new penalty standards, virtual asset service providers (VASPs), including crypto exchanges, will be subject to fines if they are found to violate three duties: Internal control (e.g., failure to report suspicious transaction activities), data maintenance (e.g., failure to keep relevant data on suspicious transactions), and duties specifically pertaining to VASPs (e.g., failure to keep separate management of customers’ transactions records).

Penalties could reportedly vary from 30% to a maximum of 60% of the legally approved maximum amount. The FSC has also introduced a penalty reduction program of 50% for large firms and more than 50% for small firms.

The imminent strict rules likely explain why Bithumb, the second-largest crypto exchange in South Korea, tightened its know-your-customer and AML measures on Tuesday. Specifically, the exchange banned accounts of users staying in regions that have not adopted AML measures, including Iran and North Korea.

This is not the first time the FSC has introduced stringent measures for the crypto sector. In 2018, the regulator implemented a “real-name account system,” requiring users to submit a real-name bank account, a local phone number, and a residence permit for opening an account with a crypto exchange.

Starting next year, South Korea is also introducing a 20% tax for investors who make more than 2.5 million won (around $2,200) from cryptocurrency trading. 

South Korea is one of the popular markets for crypto, according to The Block Research. The country ranked second in terms of crypto interest relative to its population in mid-2019, meaning South Korea contributed a larger share in web traffic of crypto exchanges at the time.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: otcpm24.com

Author: News Bureau


US Crypto Exchange Guide

US Crypto Exchange Guide

With the popularity of cryptocurrency growing throughout the United States, people are wondering where they can buy and sell these exciting new digital assets. There are many ways to buy bitcoin in the US, but you need to be properly informed before jumping into an investment. In this article we’ll examine the different US crypto exchange options and help you decide what’s best for you & your investing goals.

Several global exchanges have been forced to limit trading for Americans, or even withdraw completely, from operating in the country. Back in 2017 when crypto exchanges were popping up everywhere, they were all taking US clients with no regard for regulation or compliance. Fear of legal repercussions changed that rather quickly. Government organizations like the SEC and FinCEN have scared off many bad actors.

The biggest issue was very poor or non-existent KYC (Know Your Customer) processes. This only enables money launderers, terrorists, and other criminals free reign. Global exchanges like Binance had to close all accounts for US residents after years of sketchy, non-compliant tactics. Bittrex is also popular around the world, but they also had to remove MANY cryptocurrency assets from trading for Americans.

Depending on the state in which you live, you may find that trading crypto is a bit more difficult than other parts of the world. Residents of New York, for instance, will likely find various exchanges where they are unable to open accounts. The regulatory landscape differs from state-to-state so make sure you’re only trading on compliant exchanges. 

None of this is to say you can’t find a US crypto exchange to trade digital assets! You have multiple options no matter what part of the country you reside. We’ll look at your choices below.

Let’s just begin with the top choice. CoinMetro is everything you need in a US crypto exchange, and then some! This is without a doubt the most well rounded exchange in the world. We now have an innovative ecosystem which provides an awesome suite of products & services. Whether you’re a beginner or a seasoned trader, this is the place for you. Newcomers will enjoy the copy trading platform (TraM – Trade Mirroring) to match professional traders and the simple swap widget as well. The more experienced traders will love margin trading as well as all the customization, tools, and analytics.

Oh, and did we mention the lowest fees on the market? Plus you’ll even earn some of that back from the rebates system!

Another advantage of CoinMetro is the safety and security of a 100% legal & compliant exchange. Our unique platform was created with a strong foundation to thrive for the long haul. The focus is on you, the user, as evidenced by 24/7 live support from real people! Unfortunately we cannot serve clients in NY, WA, or HI.

This is the biggest US crypto exchange. Coinbase’s interface is simple & straightforward, making it popular amongst newcomers although it has not been updated in a very long time. They do not restrict users from any state in the US. Coinbase is notorious for high trading fees, and even higher withdrawal fees. If you want to send your crypto to your own digital wallet or use it for a purchase, make sure you know how much Coinbase is taking in fees. 

The famous Winklevoss twins created Gemini. The exchange is based in New York City and operates in all 50 states. Much like all the bigger exchanges around the world, they charge high fees and severely lack qualityt customer support. The platform supports more than 20 cryptocurrencies including their own Gemini Dollar (GUSD) stable coin.

After Binance had to terminate trading for US clients to cover their tracks, they scrambled to create Binance US. This platform charges lower fees than Coinbase but it’s designed for more advanced users. It supports 50+ currencies, far less than the original company from which they’ve tried to dissociate. Binance US is still not supported in CT, HI, ID, LA, NY, TX, and VT.

Another US crypto exchange option is the Cash App, although it’s not exactly an exchange. Cash App a money transfer system and it’s quite easy to use. Unfortunately, the only supported cryptocurrency is bitcoin.

Very soon we’ll have an in-depth comparison of these exchanges for your research. We know you’ll discover that CoinMetro is by far the BEST US crypto exchange!

One of the biggest issues you will see in the cryptocurrency space is terrible customer support. We hear horror stories everyday of lost funds and exchanges that take months to respond to a question, if ever! When your money & investments are at stake, you need to know you’ll be taken care of!

Best support of any US crypto exchange

CoinMetro is by far the most trustworthy US crypto exchange.

The big exchanges like Coinbase, Gemini, & Binance can take months to respond. With CoinMetro’s 24/7 live support, a real person will assist you in just a couple minutes! Our CEO Kevin Murcko regularly responds to questions on social media & our Telegram channel. Or you can chat with him every Friday on a live AMA!

Charging higher transaction fees is another pain point when dealing with a larger US crypto exchange. CoinMetro has the best fee structure on the market, including XCM rebates, because we truly want to help our users make money. Big exchanges trade against their clients. We do not do this. Our ecosystem of products designed to provide users with quality investment opportunities and the means to grow their wealth.

When choosing the US crypto exchange right for you, education is important. You’re on the right track by researching & learning about your options for trading digital assets. After reading this article, you should be ready to make your choice!

The post US Crypto Exchange Guide appeared first on CoinMetro Blog – Crypto Exchange News.

Source: cryptomoneyteam.co

Author: By TeamMMG


Cryptocurrency exchange Coinbase files to go public — The Financial Revolutionist

Cryptocurrency exchange Coinbase files to go public — The Financial Revolutionist

Coinbase just filed its paperwork to go public through a direct listing, becoming the first cryptocurrency exchange that will list on the Nasdaq.

Why should we care?
Coinbase’s S-1 filing with the Securities and Exchange Commission reveals how the cryptocurrency exchange is riding off a wave of enthusiasm around crypto. The exchange, which had 43 million verified users as of late 2020, became profitable last year as the price of bitcoin rose. According to the company’s S-1, Coinbase reported net income of $322M on net revenue of $1.14B for 2020 – up from a net loss of $30 million on revenue of $483M in 2019. The bulk of the company’s revenue last year came from transaction fees. Risks highlighted in the filing include the “volatile nature of the cryptoeconomy and the prices of crypto assets,” along with changes to the regulatory landscape. Coinbase, which was established in 2012 through the Y Combinator startup program, quickly became a major player in the cryptocurrency space before many established financial services players began making bets on it. The company plans to list its shares under the ticker “COIN”.

Source: thefr.com

Author: The Financial Revolutionist


Korean crypto exchanges could soon face fines for gaps in due diligence measures

Korean crypto exchanges could soon face fines for gaps in due diligence measures

South Korean crypto exchanges that don’t take extensive data collection and identity verification measures could soon be subject to heavy fines. 

According to an official announcement Wednesday, South Korea’s Financial Services Commission has come up with a revised proposal for the regulation of virtual assets service providers, or VASPs.

The proposal introduces new VASP penalty standards as well as simplifying and integrating existing penalty rules for the industry. As part of the revised proposal, the FSC will be able to fine VASPs for failure to report and record suspicious transactions.

Fines will vary depending on the severity and character of violations, from 30% to 60% of the legally approved maximum amount. Penalty relief of 50% or more is available for some small-scale businesses.

As part of the proposal, the FSC also wants to require crypto service providers to have a dedicated reporter for large transactions as well as provide written work guidelines and employee training.

According to the announcement, the proposal will be open to public feedback from March 11 until April 20, taking effect “immediately after pronouncement.” The proposal comes in conjunction with the Act on Reporting and Using Specified Financial Transaction Information, which will be imposed on March 25. As part of the act, VASPs like crypto exchanges must impose extensive Know Your Customer and Anti-Money Laundering checks, including reporting the real names of their customers.

Source: bitcoinslate.com

Author: admin


South Korean Crypto Transactions Command an Average of $7 Billion per Day on Domestic Exchanges – News Bitcoin News

South Korean Crypto Transactions Command an Average of $7 Billion per Day on Domestic Exchanges – News Bitcoin News

An investigation unveiled a growing fever among crypto traders in South Korea, who actively transact cryptocurrencies every day. Local media outlets are returning to adopt the term “crypto fever” as the recent billion-dollar figures confirm such a trend.

According to the report made by Dong-A, a major South Korean newspaper, domestic crypto investors transacted around $7 billion per day in the period ranging from January 1 to February 25, 2021.

Kim Byeong-wook, a parliamentary member of the Democratic Party, compiled the numbers by extracting data from Bithumb, Upbit, Korbit, and Coinone, the most prominent local crypto exchanges.

Per the study, 42% of the average volume was traded on the KOSPI stock exchange. The newspaper pointed out that this is the first time that investors’ statistics of the four major South Korean crypto exchanges see the light.

In the same period, the study showed that users of the four exchanges transacted approximately $395 billion. Such a number is well above the 2020 figure of $315.5 billion. Dong-A detailed that South Koreans aged 20-39 are the ones who have been allocating thousands of dollars recently on crypto investments.

The newspaper explained the reasons behind the recent surge of the transaction figures in South Korea:

This investment rush began to catch fire as liquidity was backed up and global companies started to invest in cryptocurrency one after another. After Paypal, an online payment company, started making bitcoin payments, Tesla also decided to accept Bitcoin payments. Leading financial companies such as Black Rock, the world’s largest asset management company, have also announced investments in bitcoin.

Also, the study quotes domestic retail investors’ statements on the matter. One of them, aged 29, perceives cryptocurrencies as a better investment opportunity than trading stocks.

As news.Bitcoin.com reported recently, females aged 40-49 in South Korea have been actively buying bitcoin (BTC) in recent weeks. The report calls this trend the “second boom” of cryptocurrencies in South Korea, as females surveyed were mostly mothers.

What do you think about this South Korean study? Let us know in the comments section below.

Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: news.bitcoin.com

Author: News

by
Felipe Erazo


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