S. Korean authorities are concerned with crypto scammers

Authorities and cryptocurrency community of South Korea exposed several fake cryptocurrency exchanges, including BitKRX
26 December 2017   812

On December 13, the South Korean government held an urgent meeting on the issue of the crypto-currency market. Among the decisions taken was "the proper regulation of the exchange of crypto-currencies as full-fledged providers of financial services". One of the factors that forced legislators to take emergency measures was the appearance on the Korean market of fraudulent exchanges. This is written by Cointelegraph.

Last week, local authorities and the bitcoin community identified several such exchanges. One of them was the BitKRX exchange, which uses the KRX ticker, which belongs to the Korean Stock Exchange.


BitKRX was promoted as a branch of KRX, and on its website it was said that the exchange is regulated and affiliated with KRX enterprise.

One of South Korea's largest news portals, Chosun, reports that local authorities have begun to fight with exchanges that use inaccurate information to promote them. So, it became known that several South Korean exchanges were not registered, but conducted their activities as full-fledged market participants.

A small group of individuals that are not qualified and experienced enough to run high-traffic and large-scale platforms are running cryptocurrency exchanges in the local market. Consequently, traders are not able to properly execute buy and sell orders in a timely manner, causing major losses and difficulties for investors. Strict regulation of the market by the South Korean market will further stabilize the local cryptocurrency market.

South Korean cryptocurrency community member

According to the results of the meeting held in the middle of the month local legislators decided to toughen the requirements for the exchange of crypto-currencies, and to restrict access to this market for foreigners and minors. 

Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   195

One of the world's largest asset managers, Fidelity Investments, announced the launch of a unit focused on providing institutional investors with Bitcoin and Ethereum services. The Forbes reports.

The new division received the name Fidelity Digital Assets and, possessing a staff of 100 employees, will provide a platform for trading cryptocurrencies and consulting services 24/7.

The platform already has first customers, but its launch for a wider range of investors is scheduled for the beginning of 2019.

This is a recognition that there is institutional demand for these assets as a class. Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space.

Tom Jessop

Founding head, Fidelity Digital Assets

In particular, Fidelity Digital Assets will offer a transaction service that, using internal cross-connect and order routers, will trade through third-party liquidity providers.

One of the most popular offers by the company can also be a service for storing Bitcoin and other cryptocurrencies. It is physical storage, distributed in different geographical locations and offering the so-called "cold" storage of digital assets. This way of storing cryptocurrencies without access to the Internet and with a multi-level control system is considered to be one of the safest and most resistant to hacking today.

As the CEO of Fidelity Investments, Abigail Johnson, said, the goal of the new platform is to make digital assets like Bitcoin more accessible to investors.

Fidelity Investments is considered the fifth largest asset manager in the world, offering investment and custody services to 13,000 consulting firms and brokers. In total, the company manages assets worth $ 7.2 trillion.