South Korea

Commission Income From Crypto Accounts Jumped 36 Times for South Korean Banks

South Korean banks have been providing virtual account services to cryptocurrency exchanges and earning commissions from them. According to data obtained by the country’s Financial Supervisory Service, banks made 36 times more in commission income from crypto exchanges last year than the previous year.


Bitcoin tumbles to 6-week low on fears of regulatory noose tightening

Bitcoin’s spot price was slumping on Tuesday, touching a six-week low below $11,000, as the biggest cryptocurrencies came under pressure across the board.

The selloff follows reports that South Korean Finance Minister Kim Dong-yeon said banning trading in virtual currencies was “a live option.” That has added to ongoing worries about a potential crackdown in what’s considered the world’s third-largest crypto trading market.