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   1142

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. 

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   125

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.