Bitcoin Point Swap services closed in South Korea

Two major Korean banks dropped their Bitcoin Point Swap services following the government emergency regulations
27 December 2017   914

A small recap is in order. The South Korean government announced on December 15, 2017 that banks as of then are prohibited from participating in Bitcoin trade. And now it comes back in force. Two of Korean major banks – Shinhan Bank and KB Koomin Bank, which offered credit card points to bitcoin swap services, now discontinue this programm.

To better understand what is happening, one has to know, what the credit card point is. Both banks offer the ability to accumulate their bonus points for performing operations inside their respective bank group with their credit cards. And you can use them for purchases in affiliated stores or, until now, to purchase Bitcoin on Coinplug.

All of this stems from recent ban on banks for performing direct cryptocurrency operations. And this doesn't affect only two aforementioned banks. All of them have to cease direct operations in cryptocurrency market, be it trading or setting up shop for a more convenient user interaction with digital currency world. Most major banks even had to stop issuing virtual bank accounts for cryptocurrency exchanges. And the already-in-place regulations prohibit trading without one.

In September government already forced the shut-down of the country's leading creptocurrency exchange Bitnumb in fear that the service could be used by criminals with counterfeit credit cards.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   155

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.