S. Korean Crypto Exchanges to Share User Data with Banks

Financial authorities currently banned opening anonymous cryptocurrency accounts until banks install a system that ensures only real-name bank accounts
22 January 2018   930

The government of South Korea plans to require cryptocurrency exchanges to share users’ transaction data with banks, in a potential move to impose taxes on the transactions, an official at financial authorities said on January 21.

Financial authorities currently banned opening anonymous cryptocurrency accounts until banks install a system that ensures only real-name bank accounts and matching accounts at cryptocurrency exchanges to be used for deposits and withdrawals.

Banks are expected to introduce the system, which will require cryptocurrency exchanges to share users‘ transaction data with banks, late this month or early next month, according to the official.

Under the law, banks are obliged to check whether cryptocurrency exchanges comply with the requirement, the official said. In a measure of tax enforcement for cryptocurrency investors, the government can access users’ transaction data via banks.

Recently, we have reported that cryptocurrency investors in South Korea will be fined for refusing to convert their virtual accounts into real-name ones.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   100

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.