Several new exchanges to open up in South Korea

Despite new regulations several new exchanges plan to open their service in South Korea
12 February 2018   566

On January 30 South Korean government enforced new regulations for local operating digital currency exchanges. Know-your-client approach forces exchanges to operate with real-name accounts to deposit fiat. This approach left only six major banks with ability to service cryptocurrency accounts, even then the banks as of now are just converting existing accounts and not creating new ones. Only four cryptoexchanges are operating above the law as of now – Bithump, Upbit, Coinone and Korbit. The banks refuse to issue new name accounts for cryptocurrency exchanges citing regulatory uncertainties and security concerns.

But new exchanges aren't deterred by this problem. Even without providing full range of services, namely fiat deposits, two new local exchanges plan to open up shortly.

Zeniex, the new crypto exchange, plans to start its operations on February 12. The launch date was postponed for a month because of the aforementioned regulations, and they wouldn't provide fiat deposits initially. For now investors are restricted to buying only with Bitcoin. From the beginning the exchange will operate with Bitcoin, Bitcoin Cash, Ether, Ethereum Classic, Litecoin, Quantum, EOS, Bytom, and 0x.

Another newcomer to the market is Dexko, which started accepting pre-registration to begin trading on March 15. Initially the exchange will support Bitcoin, Ether, Bitcoin Cash, Litecoin, Ripple and 5 other as of now unspecified cryptocurrencies. Pre-registration is open from February 5 to 25. Pre-registrered users will be exempt from trading fees for a month. Dexko is now going through the legal hassle of official registration to provide won-based trading but we'll have to wait for further news.

Also, two Chinese exchanges are planning to expand their operations to South Korea in the near future. Huobi and Okcoin were two of the largest Chinese crypto exchanges before Chinese government closed down all cryptocurrency trading last year. Okcoin has reportedly reached a final agreement with Korean NHN Entertainment Corp, so that Koreans will operate local server and provide support, while Okcoin themselves will be responsible for providing trading systems. They plan to trade more that 60 different cryptocurrencies against Korean won.

Huobi also plans to enter the market in the first quarter of this year, as reported by the Investor.

Mt. Gox Trustee Can Sell 2000 BTC Soon

Possible sale of such a large batch can lead to a further fall of the bitcoin price
26 April 2018   167

Head of the Board of Trustees of MtGox, Nobuaki Kobayashi, is probably preparing to sell a new batch of bitcoins, this time at a rate of 2,000 BTC.

This assumption was made by the bitcoin-investor and the head of the Altana Digital Currency Fund, Alistair Milne. In support of his words, he brought to Twitter a link to the trustee's MtGox address.

Alistair Milne Twitter
Alistair Milne Twitter

Apparently, on the morning of Thursday, April 26, from the address indicated, 2,000 were transferred to another address. Some of the funds that were there before (8,000 BTC) were almost immediately expended.

Possible simultaneous sale of such a large batch can lead to a further drawdown of the bitcoin price.

Bitcoin Price Chart
Bitcoin Price Chart

Trading on Wednesday evening at around $ 9,000, on the night of Thursday, the first crypto currency continued the decline started yesterday, dropping at a certain point to $ 8,650. At the time of publication, however, there has been a slight increase - according to Coinmarketcap, the weighted average bitcoine rate at that time is $ 8 790.