Cryptocurrency exchanges get nod of approval.
12 cryptocurrency exchanges in South Korea pass the security requirements set forth by the South Korean Blockchain Association.
Specifically, the South Korean Blockchain Association said that 12 of the exchanges they reviewed have adequate security measures and internal management systems in pace
The list of approved exchanges are as follows:
- Bithumb
- Upbit
- Gopax
- OKCoin
- Korbit
- Coineone
- CoinZest
- CPDAXX
- HanbitKor
- Huobi
- NeoFrame
- DexKor
(Source: https://www.ccn.com/all-crypto-exchanges-in-south-korea-meet-new-requirements-new-money-to-come-in/)
One exchange in particular sticks out...
If you are like me, one of those exchanges in particular tends to stand out.
The Bithumb exchange was just hacked a few weeks back to the tune of $40 million.
Though, the exchange recovered some of the stolen funds and said they would reimburse customer funds from their own stock pile, deposits and withdrawals have been disabled ever since.
Not exactly a confidence inspiring situation.
Seems odd to me that an exchange that recently got hacked and is still not letting people take their funds out would pass with flying colors?!
(Source: https://bitcoinexchangeguide.com/bithumb/)
New money will enter now?
Local publications have reported that following the announcement by the South Korean Blockchain Association, a wave of new money is expected to flow in.
The South Korean exchanges have basically been frozen since the government announced they would be regulating cryptocurrency trading platforms as regulated financial institutions.
However, now that these 12 exchanges have passed inspection, the expectation is that money will start flowing in as they are seen to have adequate safety measures in place to protect investors.
Whether that is true or not remains to be seen, though I like the thought process.
Either way, as long as the regulation doesn't get too heavy handed, these types of things should help spur investment as investors feel safer putting their money into better regulated markets.
Stay informed my friends.
Image Source:
https://www.ccn.com/all-crypto-exchanges-in-south-korea-meet-new-requirements-new-money-to-come-in/
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Damn! 😂🤑😂
This should be pretty good news, though the markets didn't react much to it.
Those are great new let's hope it's will take the market up
Up up and away!
Thanks for the info.
Good point regarding Bithumb.
Maybe they are operating under better security protocols now, who knows.
True, perhaps the trouble forced them to double down.
Hi,
Which one of the above mentioned Exchanges would you trust the most to deposit your funds?
Probably Huobi or Upbit, just because they are are two of the biggest.
The Bithumb thing is super strange. I'm glad they passed so many exchanges, but that Bithumb was among them makes me question how legitimate their "security" screening is. Might be some other factors at play?
Yep, I think that is why we didn't see much reaction price wise from this news.
Politics has to be playing a part, they were saying that many government officials had crypto holdings when the original uproar over potential government actions against the exchanges was originally talked about.
Could be. It also said that it was based on their current security protocols. It's possible (and probably likely) that Bithumb beefed up their security protocols since the hack.
Thanks for good news
This is a great news. Nice blog would u think after this new money will enter in crypto market.????
I think it will help, yes.
This isn't bad timing considering I wanted to nab some more coins at these prices.. I'll test the waters, but I might go for another dip.
I have been adding around current levels. Waiting for the exact bottom often causes one to miss the next move up...
That's great news, let's MOON!
Great the big exchanges got approval which is a fantastic news from there hopefully the money will also flow in now
Thanks for the good information. I will visit you often.
nice up vote :)
The South Korean exchanges have basically been frozen since the government announced they would be regulating cryptocurrency trading platforms as regulated financial institutions.
I read that somewhere.
Very nice bro