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ETH · 17w

South Korean Exchanges Meet New Requirements. Capital Inflows Expected.

The South Korea Blockchain Association has approved 12 crypto exchanges including Bithumb and UPbit over the past week, of having adequate security measures and internal management systems in place.

Various local publications reported that Bithumb, UPbit, Gopax, OKCoin Korea, Korbit, Coineone, CoinZest, CPDAXX, HanbitKor, Huobi Korea, and NeoFrame, and DexKor were approved by the South Korea Blockchain Association, an institution that oversees the cryptocurrency industry and the blockchain sector.

Following the announcement of the South Korea Blockchain Association, local publications have reported that a new wave of capital is expected to come into the cryptocurrency market, given that crypto exchanges were essentially placed on hold after the government disclosed its intent to officially legitimize the cryptocurrency market and regulate crypto trading platforms as regulated financial institutions.

Investors Not Happy As CCN reported, Bithumb was hacked for approximately $40 million worth of cryptocurrency earlier this year.

The majority of investors in South Korea reacted negatively to the otherwise positive announcement of the South Korea Blockchain Association, due to the controversial decision to approve Bithumb.

In June, Bithumb, the largest crypto exchange in South Korea, experienced a hacking attack that led to the loss of over $40 million — $16 million of which was said to be recouped after the hack in an attempt to recover lost user funds.

But, local investors started to lose trust in Bithumb, which has been the leading crypto exchange in South Korea for many years, because the exchange disabled withdrawals and deposits immediately after the security breach until now, for nearly a month, with no signs of opening deposits and withdrawals in the near future.

Bithumb’s decision to prevent users from withdrawing their funds led premiums to re-emerge in the crypto market of South Korea, wh...

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