In South Korea, $13 million in crypto assets have been frozen, impacting over 33,000 investors due to the shutdown of 14 exchanges following new regulations.
South Korea's new crypto regulations have caused several exchanges to close, leaving $12.8 million of customer funds in limbo. These funds are now available for reclamation.
South Korea's FSS will investigate crypto exchanges for illegal transactions following new legislation on virtual asset user protection.
Bithumb withdraws proposed 4% KRW deposit fee increase, maintaining the current 2.2% fee.
South Korea's Virtual Asset User Protection Act (VAUPA) aims to protect investors by requiring local crypto exchanges to keep 80% of user deposits with interest rates of 1%.
Binance reduces its stake in South Korean crypto exchange Gopax from 72.6% to around 10% due to new regulatory requirements in South Korea.
South Korea's new monitoring system will track suspicious crypto activity on exchanges from July 19th, alongside their new investor protection law.
The South Korean Financial Supervisory Service plans to implement a system to monitor unusual crypto trading, potentially delaying global crypto market recovery.
