South Korean Traders Drive Recent Crypto Surge as Exchanges’ Market Share Jumps to 13% Traders in Asia, especially in South Korea, have emerged as key drivers behind the recent rally in crypto market over the past two months. Data compiled by CCData reveals a substantial increase in the market share of South Korean-based exchanges, reaching 12.9% in November compared to 5.2% in January. This uptick coincides with a general rise in overall trading volume throughout October and November. South Kor...

South Korea’s National Pension Fund Bought $20 Million Coinbase Stocks in Q3 2023 The National Pension Service of South Korea has acquired approximately 26 billion won ($20 million) worth of Coinbase stocks (COIN). The National Pension Service is South Korea’s largest investment group and the third largest pension fund in the world. The investment group manages over 997.4 trillion won, approximately $800 billion in assets. As per the stock holdings report submitted to the U.S. Securities and Exc...

‘Suspected Crypto Fraudster’ Joined South Korean President’s State Visit to Saudi A suspected crypto fraudster accompanied South Korean President Yoon Seok-yeol on a state visit to Saudi Arabia last month. Per iNews24, media outlets in the country have discovered that the head of an unnamed crypto firm made up part of an “economic delegation” that traveled with Yoon in late October. Yoon discussed cooperation between the two nations, and was accompanied by a group of businesspeople reportedly se...

South Korea Joins Global Community for Crypto Asset Reporting Framework Push South Korea has joined a group of 48 nations, calling for the promotion of an international framework for cryptocurrency reporting. In a significant move, South Korea confirmed its engagement on Friday to implement the international reporting framework on digital assets. The Crypto-Asset Reporting Framework (CARF) debuted in August 2022, following approval from the Organization for Economic Cooperation and Development (...

Head of South Korea’s Biggest Crypto Exchange ‘Not Guilty’ of Data Manipulation The head of Dunamu, operator of South Korea’s market-leading Upbit crypto exchange, has been found not guilty of manipulating platform data. Per Chosun Ilbo, the nation’s Supreme Court acquitted the Dunamu Chairman Song Chi-hyung, of fraud charges under the Aggravated Punishment Act for Specific Economic Crimes. Prosecutors alleged Song and a group of executives with Chairman Song with manipulating order volumes by c...

South Korean Police Shut Down ‘International Crypto Fraud’ Ring, Freeze $1.2m South Korean police have swooped on a group of suspected “international” crypto fraudsters, freezing over $12 million and arresting 49. Newsis reported that the Cyber Investigation Department of the Seoul Metropolitan Police Agency has “arrested a total of 49 people, including the six suspected leaders of six separate organizations.” The group has been charged with fraud, with officers suspecting the group of “operatin...

Busan City Seeks Operators for the Upcoming Busan Digital Asset Exchange South Korea’s Busan city is officially seeking operators for its forthcoming Busan Digital Asset Exchange. According to a notice issued by Busan City and reported by MarsBit news, the selection process for operators for the Busan Digital Asset Exchange is currently underway. Busan Digital Asset Exchange to Have an Operator Next Month The selection process is being overseen by the Busan Digital Asset Exchange Promotion Gro...

South Korea’s New Crypto Crime Investigation Unit Is Already ‘Overloaded’ A South Korean prosecution unit dedicated to investigating crypto crime is already “overloaded” with cases, just over a year after launching. The unit operates as part of the Seoul Southern District Prosecutors’ Office and was formerly known as the Financial and Securities Crime Coalition Team. The team is also known as the Yeoido Grim Reaper: Yeoido is the district of Seoul in which most major government organs are headqu...