South Korea Has No Intention to Ban Cryptocurrency Exchanges

South Korea’s finance minister has confirmed that the government has no plans to shut down cryptocurrency trading or exchange platforms
31 January 2018   808

South Korea has become one of the main markets for cryptocurrency, yielding, probably, only Japan and China. Therefore, it is not surprising that the government was forced to deal with the regulation of a new industry that gained popularity in just a few months, after the outflow of traders and start-ups from China.

Today, after a few weeks of panic and confusion among Korean traders and investors, who fear a complete state ban on cryptocurrency trading (similar to China’s tough action in blocking virtual coin platforms), South Korea's finance minister said that the government is not going to set barriers to the cryptocurrency market.

 As it is indicated in the report by Reuters, South Korea’s finance minister Kim Dong-yeon said: «There is no intention to ban or suppress cryptocurrency market».

He also commented on contradictory statements by government officials from several ministries who partly supported and partly rejected the ban on the cryptocurrency exchanges, which was proposed by the Korea’s Justice Ministry.

On the same day with proposing to shut down all domestic cryptocurrency exchanges, Korea’s justice ministry was forced to soften its stance on the ban proposal after the backlash and called it  “not a finalized decision”. The Justice Ministry found little support from other governmental ministries including the Ministry of Finance which refused to support a trading ban on cryptocurrency market.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   120

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.