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South Korean Police Raid ‘Illegal Gambling Den Disguised as Crypto Mining Center’

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South Korean police have raided a suspected illegal gambling den whose operator claimed it was a center for crypto mining. The news agency Yonhap and the media outlet Asia Kyungjae reported that Gwangsan Police Station in Gwangju, South Jeolla Province, announced on April 9 that officers are questioning the alleged den’s operator. Officers are holding […]

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South Korean Prosecutors Uncover Fusionist (ACE) Token Price Manipulation Scheme

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In what has become one of the most significant cases in South Korea’s crypto market, the Seoul Southern District Prosecutors’ Office has exposed an elaborate price manipulation scheme involving the Fusionist (ACE) token, which is down 13% in the past 24 hours. Source: CoinGecko According to a local source, Lee and Kang, who allegedly orchestrated

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South Korea Considers Allowing Foreign Crypto Investment If AML Rules Are Met

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South Korea’s top financial regulator is signaling a potential policy shift that could allow foreign investors to access the domestic cryptocurrency market, provided that local exchanges meet strict anti-money laundering (AML) requirements. Speaking at a seminar hosted at the National Assembly on Wednesday, Kim Sung-jin, head of the virtual asset division at the Financial Services

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K-pop Giant and BTS Label HYBE Abandons Blockchain Project

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Major South Korean record label HYBE has shuttered its blockchain project Binary Korea less than three years after launch due to poor financial performance. The Seoul-based subsidiary will merge with HYBE. Meanwhile, the parent company will focus on the entertainment side of business, specifically artist management. According to AlphaBiz, HYBE stated that the goal of

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South Korean Crypto Traders ‘Duped into Joining Money Laundering Scams’

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Fraudsters are targeting South Korean crypto traders with sophisticated scams that help criminals launder money, police claim. Per a report from the South Korean media outlet CBS NoCut News, scammers are luring crypto wallet holders with offers of “part-time” crypto trading “jobs.” South Korean Crypto Traders: Money Launderers Post ‘Part-time Job Ads’ The media outlet

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South Korean Court Jails Three Members of ‘Crypto Scam Gang’

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A South Korean court has sent three members of a crypto scam ring to prison after hearing that they stole some $416,000 from victims as part of a concerted campaign. The newspaper Chosun Ilbo reported that a branch of the Busan District Court’s Criminal Division sent the ringleader of the operation to jail for four

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Upbit Operator Dunamu Triples Dividends Following Profit Surge

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Dunamu, the parent company of South Korea’s largest cryptocurrency exchange Upbit, has announced a threefold increase in cash dividends to common shareholders following a sharp rise in annual profits. During its annual shareholder meeting on Friday, the company approved a dividend of 8,777 Korean won ($5.99) per common share for 2024, up from 2,937 won

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20% of South Korean Officials Hold Crypto, Seoul Councilor Leads with .16M

20% of South Korean Officials Hold Crypto, Seoul Councilor Leads with $1.16M

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A recent asset disclosure by South Korea’s Public Officials Virtual Assets Rank List revealed that 20.1% of high-ranking public officials hold crypto, with their total reported holdings amounting to $9.83 million. The official with the largest virtual asset portfolio was Seoul City Council Member Kim Hye-young, who declared $1.16 million in digital assets. The Rankings

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South Korean exchange UPbit saw massive earnings growth in 2024 amid regulatory hiccups

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Dunamu, the parent company of South Korea’s largest crypto exchange UPbit, reported a significant increase in earnings for 2024, defying ongoing regulatory challenges. Chosun Bix, citing the firm’s annual business filing, reported that Dunamu’s operating profit surged 85.1% to 1.19 trillion won (approximately $682 million) in 2024. According to the report, the firm’s revenue climbed

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Google Play Blocks 17 Unregistered Crypto Apps in South Korea

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In a sudden development, South Korea’s Financial Intelligence Unit (FIU) has successfully pushed Google LLC to block domestic access to 17 unregistered crypto apps on Google Play. This action, effective from March 25, 2025, targets foreign crypto exchanges, including KuCoin and MEXC, which have been operating without proper registration under South Korean law. Since March

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