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   518

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. 

German Exchange to launch Bitcoin Products

Deutsche Boerse, the Frankfurt Stock Exchange holder, is deciding about the providing cryptocurrency products
24 May 2018   77

Reporting in London on Wednesday, at a significant event of the sphere, Jeffrey Tessler (the firm's chief of customers, products and core markets), declared: "We are deep at work with it." Nevertheless, any move into the crypto space from the stock exchange might not be forthcoming fast. When CME Group and Cboe Global Markets both started bitcoin futures trading last December, Tessler further claimed during the event that Deutsche Boerse is "not at the same stage." According to his point of view, the company is attempting to understand the volatility of the bitcoin market first and insuring clients and regulators are "in line" before stepping ahead with any offerings.

Whilst a move into offering bitcoin products is not definite, the exchange has already been active in the blockchain field. Deutsche Boerse unvealed details to CoinDesk about its plan to move the majority of its post-trade services to a blockchain last June. It affirmed at the time that it was interested in building a system, using Hyperledger's open-source Fabric protocol, in order to transfer securities and move commercial bank money, while still undertaking cross-jurisdictional compliance with regulators.

Also, as recently as March, the group declared it wish to deploy a platform for more operative securities lending using R3's Corda blockchain tech.