The effect this one Southeast Asian nation has upon crypto markets is quite astounding. South Korean exchanges dominate trade in the region, and constant government threats of clampdowns has caused waves of nausea among investors elsewhere on the planet. Contrary to multiple fearmongering reports on mainstream news sites, including Reuters, Bloomberg, and CNBC, South Korea […]
The effect this one Southeast Asian nation has upon crypto markets is quite astounding. South Korean exchanges dominate trade in the region, and constant government threats of clampdowns has caused waves of nausea among investors elsewhere on the planet.
Contrary to multiple fearmongering reports on mainstream news sites, including Reuters, Bloomberg, and CNBC, South Korea will not close crypto exchanges. In fact, according to the chairman of the South Korean Fair Trade Commission, Kim Sang-jo, closing exchanges is “impossible in reality.” It was reported earlier today that he said this in a CBS radio interview.
FUD No More
A constant stream of rumours and threats of closure emerging from the country and being picked up by western media outlets has no doubt contributed to a number of market dips and slides over the past couple of months. The recent drop can be accounted to a number of other factors, but South Korea remains a strong influence.
According to local press, the KFTC is investigating 13 exchanges for possible violation of an e-commerce law within the country. Some of the exchanges being investigated include some of the big ones, such as Bithumb, Coinone, and Korbit. More importantly, Kim Sang-jo stated:
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