South Korean Crypto Exchanges Undergo Evaluations

Over 20 crypto exchanges in South Korea in conjunction with the Korean Blockchain Association have agreed to undergo evaluations  
22 February 2018   552

The Korean Blockchain Association, a self-regulatory body launched in January with 66 members. It composed of 33 cryptocurrency exchanges, said 21 of its members, including major players Upbit, Bithumb, Korbit, and Coinone, will undergo evaluations.

According to local media, crypto exchanges that are participating in self-evaluation are Glosfer, Nexcoin, Zeniex, Kairex, Kcx Exchange, Komid, Coinway, Coinzest, Plutus DS, Dexko, Gopax, Okcoin Korea, and Huobi Korea.

This is part of their self-regulatory efforts, in conjunction with the Korean Blockchain Association. The evaluations will determine if members have complied with a set of self-regulatory measures that the group has set.

It will include capital standards, security standards, principles on listing procedures, the disclosure of information, etc, and I expect investors to believe that the exchanges are more stable if they have passed the examination.

Kim Hwa-Joon

Vice Chairman of the Association

Coinbase to Issue New Statement

As reported, company says it was wrong about SEC approval of acquisitions of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC
18 July 2018   153

Vice President of Communications of Coinbase Rachel Horwitz denied the information that the company received approval from the Securities and Exchange Commission of the United States for a deal to buy brokerage companies. This is reported by Bloomberg.

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.
 

Rachel Horwitz

Vice President of Communications, Coinbase

On Monday, a spokesman for Coinbase said that the company received permission from the SEC and the Agency for Regulation of Financial Institutions (FINRA) to purchase Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC.

However, despite the refutation from Rachel Horwitz, Coinbase still intends to obtain a license to carry out brokerage activities.