Korean Government will crack down crypto exchange.

[oh_bitrich]

https://www.cryptocoinsnews.com/breaking-south-korea-bans-initial-coin-offerings-report/

In the article, it says

"The reports also state that the FSS will crack down on cryptocurrency exchanges by banning margin trading and stepping up enforcement of anti-money laundering (AML/KYC) regulations."

They are shutting down Korean exchange. We are doomed.

[mobnepal]

"The reports also state that the FSS will crack down on cryptocurrency exchanges by banning margin trading and stepping up enforcement of anti-money laundering (AML/KYC) regulations."

They are shutting down Korean exchange. We are doomed.

But banning margin trading and implementing strong AML/LYC policy doesn't mean they are just shutting down crypto exchanges.

Like predicted many other countries are also following Chinese trend, crypto might get into bearish trend now for considerably long time.

[pooya87]

"The reports also state that the FSS will crack down on cryptocurrency exchanges by banning margin trading and stepping up enforcement of anti-money laundering (AML/KYC) regulations."

in other words something China did a year ago and what it is still doing.
also what other countries have done a couple of years ago and are still doing.

what else did you expect? when these Korean exchanges started some months ago with a ridiculously huge (and fake) volume with 0 fee and lots of money laundering, it was just a ticking clock before their government closed them down.

They are shutting down Korean exchange. We are doomed.

yeah sure, bitcoin is dead
DUMP DUMP DUMP

[Karpeles]

https://www.cryptocoinsnews.com/breaking-south-korea-bans-initial-coin-offerings-report/

In the article, it says

"The reports also state that the FSS will crack down on cryptocurrency exchanges by banning margin trading and stepping up enforcement of anti-money laundering (AML/KYC) regulations."

They are shutting down Korean exchange. We are doomed.

They are not shutting down exchanges, they are only requiring regulations that other assets' exchanges require too. You can't trade stocks and be anonymous, for example.

No exchange has been harmed in the production of that law

[iamTom123]

https://www.cryptocoinsnews.com/breaking-south-korea-bans-initial-coin-offerings-report/

In the article, it says

"The reports also state that the FSS will crack down on cryptocurrency exchanges by banning margin trading and stepping up enforcement of anti-money laundering (AML/KYC) regulations."

They are shutting down Korean exchange. We are doomed.

I don't believe we are doomed in fact this can help for the ICO industry to self-regulate itself in the long run so that authorities won't be cracking down on the platform. But this can be bad news when viewed on its immediate impact. Good thing is that they are not actually banning Bitcoin exchanges but making sure that anti-money laundering measures are being followed. Viewed from afar, we are still actually in the stage where there can be confusions on what can be done in light of the governments tightening its grip on many issues relative to cryptocurrency. And while there can be doors closed, am sure soon there would be new windows to be opened.

[Kakmakr]

Do not panic, please. The idea behind this is not to ban Bitcoin, but rather to regulate it in such a way that it adhere to all the
same AML/KYC regulations that other financial institutions has to adhere to. We saw this happening in many countries, with different technologies. In the beginning it is the Wild West days, until the regulations catch up to the technology.

Then it is business as usual, because it is done in a regulated environment. ^smile^

[Scorpion]

Wrong. It clearly states they want some regulation on margin trading and a special team to track laundering. Nothing to do with shutting down the exchanges.

[Wind_FURY]

After every FUD and after all threats that came out after the Chinese "ban", I believe the Korean ban will not have as strong of an effect on the market. Plus the South Korean FSS has clearly mentioned banning ICOs as a funding model. What does that have to do with Bitcoin?

In the mean time Bitcoin is still going strong atop $4000.

[Ghani]

Wrong. It clearly states they want some regulation on margin trading and a special team to track laundering. Nothing to do with shutting down the exchanges.

maybe only you and some people who can understand, yes it is very clear is not a ban but it can be said improve security in the country
but unfortunately the market situation is now experiencing a panic may be because of the news

[Za1n]

"The reports also state that the FSS will crack down on cryptocurrency exchanges by banning margin trading and stepping up enforcement of anti-money laundering (AML/KYC) regulations."

They are shutting down Korean exchange. We are doomed.

But banning margin trading and implementing strong AML/LYC policy doesn't mean they are just shutting down crypto exchanges.

Like predicted many other countries are also following Chinese trend, crypto might get into bearish trend now for considerably long time.

Yes, this is a good thing and not a bad thing.

Unregulated exchanges will cause more harm to cryptocurrencies in the long term than ones that are "common sense" regulated. Keeping money launders and criminals out of exchanges is not a bad thing. Also margin trading is little more than gambling with some of those sites that offer 100x margins, again there is plenty of money to be made in crypto without margin and this only serves to protect the more "mom and pop" type investor, which again is not a bad thing.

I think governments that are allowing crypto trading and are only applying regulations with a light tough will only help fuel its growth.

[krauzzer02]

According to the news that you shared, South Korea will most likely prohibits all ICO on their country, ban only applies to ICO's launched by Korean startups, Individual Investors will not be affected, I think this is a great news, because korean government wants to protect the people of korea that is using crypto and investors from possible fraud and money laundering. They want to enforce a strict regulation upon cryptocurrency exchanges by banning margin trading, nothing to worry about this is for the best.

[illyiller]

According to the news that you shared, South Korea will most likely prohibits all ICO on their country, ban only applies to ICO's launched by Korean startups, Individual Investors will not be affected, I think this is a great news, because korean government wants to protect the people of korea that is using crypto and investors from possible fraud and money laundering. They want to enforce a strict regulation upon cryptocurrency exchanges by banning margin trading, nothing to worry about this is for the best.

It may be "for the best" -- I think there are arguments to be made against that -- but I think we can agree that banning margin trading (if true) could dampen market sentiment and help usher in another wave of bearish correction.

I'll say, the FUD is coming in strong today. First, Russia's deputy finance minister says there will likely be a ban on payments made in cryptocurrency. Now this. A domestic ban on ICOs or even margin trading in Korea shouldn't crush the market. But this headline, ouch:

South Korea bans all new cryptocurrency sales