South Korea Inspects Cryptocurrency Accounts of 6 Banks

08 January 2018   1918

South Korea’s financial regulator said on Monday it is jointly carrying out inspections on six local banks that offer virtual currency accounts to institutions amid growing concerns increasing use of assets like bitcoin could lead to a surge in crime.

The Financial Services Commission (FSC) and Financial Supervisory Service (FSS) of Korea will check if banks are adhering to anti-money laundering rules and using real names for accounts, FSC Chairman Choi Jong-ku told a press conference.

Virtual currency is currently unable to function as a means of payment and it is being used for illegal purposes like money laundering, scams and fraudulent investor operations. The side effects have been severe, leading to hacking problems at the institutions that handle cryptocurrency and an unreasonable spike in speculation.

 

Choi Jong-ku

Chairman, FSC

The six banks: NH Bank, Industrial Bank of Korea, Shinhan Bank, Kookmin Bank, Woori Bank and Korea Development Bank will be inspected between January 8 and 11. 

Choi Jong-ku said that they are also looking at ways to reduce risks associated with cryptocurrency trading in the country, which could include shutting down institutions that use such currencies. Choi warned that authorities would crack down on virtual currency crime and dole out heavy punishments on those who partake in market price manipulation, pyramid schemes and money laundering.

Top-3 Ongoing ICO 16th - 22nd Sep Acc. to Our Readers

Let’s check which ICOs from ongoing 16th to 22nd of September are considered the best among our readers
24 September 2018   129

Our readers are dedicated cryptocurrency enthusiasts and fans of blockchain technology. We provide them with the ability to express their opinion regularly. Let’s check top three upcoming ICO according to our readers.

1. World Bit Bank 

Vitsolutions, LLC has been conducting technical development of the World Bit Bank project and researching innovative financial technologies and the blockchain technology since 2016. World Bit Group which manages the World Bit Bank was established in 2018. It was registered in the EU and holds the Virtual currency against fiat currency exchange license and the Virtual currency wallet service license. Being under European jurisdiction, all real and digital assets of investors will have the highest security. By covering a large portion of the globe, we will be able to provide millions of people with banking services using cryptocurrency in conventional banking operations. Such services include: cryptocurrency loans, use of cryptocurrency in VISA/MasterCard debit cards, easy and cheap transfer and exchange of cryptocurrencies and many more financial transactions we make every day.

World Bit Bank ICO
World Bit Bank ICO

As reported, almost €16M raised.

2. Worldopo 

Worldopo gives the players a platform to build, own and trade property, all securely stored in blockchain. The innovative new approach is the use of it’s own cryptocurrency, the WPT as the base of the economic simulation. This gives the game a layer of realism never seen before, because people can earn real money when playing. The addition of AR makes it possible to actually see your empire grow before you eyes. In short Worldopoly is a true revolution in mobile gaming, easy accessible and yet complex like the real life itself. The best is part is: the game has already completed the development of its game engine and major features.

Worldopo ICO
Worldopo ICO

Worldopo team was able to sell 640 700 WPT.

3. Cloudbric  

Cloudbric is a decentralized universal security platform featuring enterprise-grade website, mobile device and crypto asset security, as well as access to a community driven threat intelligence database all powered through a new technology called VISION (patent pending), a CNN-based deep learning AI-tech, featuring one of the most accurate (low false positive rated) engines on the market. Our goal is to not only secure the web in general, but to secure the entire blockchain experience for users and businesses alike whether it’s protecting global exchanges, securing cryptocurrency assets, etc. so that we can help further encourages the widespread adoption of this great technology to masses. Cloudbric is currently a market leading web application firewall as a service vendor in South Korea and Singapore. We boast multiple awards (SC Magazine, Stevie Awards, Info Security PG, more), are industry-certified, and have more than 10,000 customers and partners.

Cloudbric ICO
Cloudbric ICO

As we can see on the pic above, Presale #1 and #2 ended, and looks like 5000 ETH in total was raised.