South Korea Detects $600 mln Illegal Trades

The government of South Korea is investigating the use of cryptocurrency in illegal foreign currency exchange
31 January 2018   750

The Korea Customs Service (KCS) stated on January 31 that a total of 637.5 billion won worth (~ $600 million) in foreign currencies have been exchanged illegally, including unrecorded capital outflow using cryptocurrencies.

The KCS said that illegal foreign currency trading of 472.3 billion formed the bulk of the cryptocurrency crimes, but did not clarify what action authorities were taking against the rule breaches.

In one case, an illegal FX agency collected a total of 1.7 billion won ($1.59 million) from local residents in a form of “electric wallet” coins to transfer it to a partner agent abroad. The partner agent then cashed them out and distributed the settlement to clients based in that country, the KCS said.

According to the KCS, there were also cases where investors in Japan sent their yen worth 53.7 billion won to their partners in South Korea for illegal currency trade.

The KCS said authorities will continue to monitor for any violations of foreign exchange rules or of money laundering activities.

Caspian to Launch Crypto Derivatives Trading

Caspian does not charge commissions for depositing and withdrawing funds and provides leverage up to 100x
21 March 2019   83

Caspian, an asset-oriented asset management platform, has launched cryptocurrency derivatives trading.

Thanks to integration with Deribit, Caspian customers gained access to trading in futures and options for Bitcoin and Ethereum. Also, the platform will provide the opportunity to trade indefinite bitcoin-swap.

According to Caspian, the platform does not charge commissions for depositing and withdrawing funds and provides leverage up to 100x.

We are excited to be working with Deribit to make the trading of crypto options and futures possible within the institutional community. Our goal at Caspian is to provide crypto traders and investors the same standard of tools and service that exist in the traditional markets and its great knowing that the team at Deribit is working towards the same high standards.
 

Robert Dykes

CEO, Caspian

Caspian noted that their platform connects to Deribit via an API that supports “large trading volumes with extremely low latency”. The platform also has full access to the book of orders of the crypto-derivative stock exchange.