Coins Listed Only With USDT Pairs on Upbit

Here’s the list of coins that can only be traded with USDT on Upbit and do not yet have a KRW trading pair:

• Brett (BRETT)

• Lagrange (LA)

• Soon (SOON)

• RedStone (RED)

• Huma Finance (HUMA)

• Rally (RLY)

• QuizTok (QTCON)

• Swell (SWELL)

• Oasys (OAS)

• Forta (FORT)

• Scroll (SCR)

• Haedal Protocol (HAEDAL)

• Orchid Protocol (OXT)

• Arpa (ARPA)

• LumiWave (LWA)

• Babylon (BABY)

• JasmyCoin (JASMY)

• DigiByte (DGB)

• Radworks (RAD)

• MyShell (SHELL)

• Puffer (PUFFER)

• PolySwarm (NCT)

• KernelDAO (KERNEL)

• Balance (EPT)

• Kaito (KAITO)

• Access Protocol (ACS)

• Observer (OBSR)

• Bancor Network (BNT)

What Does This Mean for Investors?

The fact that these coins only trade in USDT pairs means South Korean traders cannot directly access them with KRW. This situation may affect the liquidity and accessibility of these tokens in the Korean market.

On the other hand, projects that are traded exclusively through USDT pairs can attract global investor interest. This may also lead to sudden price surges from time to time. Especially for low-cap altcoins, the possibility of being added to KRW pairs in the future could create sharp movements, which is why investors should remain cautious.

This content is not financial advice. The crypto market carries high risk, and you should always do your own research before making investment decisions.

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates.

The post Watch Out for These Coins on Upbit! Tokens With USDT Pair but No KRW Pair appeared first on Coin Engineer.

FIU Imposes Strict Control on Overseas Cryptocurrency Exchanges

The FIU of South Korea’s Financial Services Commission has stated that these overseas cryptocurrency exchanges are operating illegally in the country as they have not registered as Virtual Asset Service Providers (VASP) under the Private Financial Information Act. The law requires exchanges engaged in cryptocurrency trading and cryptocurrency custody services in South Korea to register with the FIU. Firms that fail to register will be considered illegal businesses and face criminal and administrative sanctions.

In addition, the FIU has also noticed that these exchanges have Korean-language websites and marketing activities aimed at South Korean investors. The FIU is investigating these activities and considering measures such as blocking access to the websites. An FIU official said, “In cooperation with the Korea Communications Standards Commission, we plan to block access to exchanges that serve local investments and are unregistered within the FIU.

Crackdown on Crypto Exchanges Continues in South Korea

Sanctions on cryptocurrency exchanges in South Korea are not new. Previously, in September 2021, the FIU decided to close more than 60 exchanges that did not comply with local anti-money laundering (AML) rules and registration requirements. At that time, 4 exchanges with high trading volumes, such as Upbit, Bithumb, Coinone and Korbit, which were considered major exchanges, were able to provide services. The remaining 28 platforms were able to offer their services in a limited way.

In 2022, the FIU announced cooperation with the Korean Communications Standards Commission. This cooperation blocked access to 16 overseas exchanges that did not register as VASPs. In addition, joint work was carried out with a local card company to stop payment services (crypto trading, storage, etc.) on these platforms.

The Number of Crypto Firms in South Korea is Declining

In South Korea, the Financial Intelligence Service (FIU) continues its strict inspections. The cryptocurrency sector, one of the most preferred methods as a money laundering service in the country, continues to be closely monitored. Many strict control mechanisms are applied to the companies that provide services. Thus, it is hoped to close the way for money laundering methods. Due to the limited number of exchanges to meet the strict audit mechanism, the number of crypto companies has been declining in the last 3 years.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

*DOES NOT CONTAIN INVESTMENT ADVICE*

The post Two Giant Targets in South Korean Sanctions: KuCoin & BitMEX appeared first on Coin Engineer.

Crypto Trading Volume Hits Record High

Following the imposition of martial law, cryptocurrency exchanges in South Korea saw their trading volume surge to an all-time high of $34 billion in the past 24 hours. Compared to the previous day’s $18 billion volume, it is evident that much of this increase stemmed from a wave of panic selling. Upbit solidified its dominance during this period, accounting for $27.2 billion of the total volume. However, this surge was primarily driven by selling pressure, as investors rushed to liquidate their crypto assets amid economic uncertainty.

As a result of these developments, Bitcoin experienced a sharp decline against the South Korean won, dropping to as low as $62,000. Losses in altcoins were even more severe—Dogecoin, for example, plummeted by as much as 50% in its won trading pair. This situation has heightened investor concerns and further fueled market volatility.

Withdrawal of Martial Law Decree

President Yoon Suk-yeol’s decision to impose martial law reverberated widely in South Korea’s political arena. Following a strong reaction from opposition parties and public opinion, the decision was rejected in a parliamentary vote. As a result, Yoon was forced to withdraw the declaration of martial law. However, the opposition stated that this situation created a political crisis and announced that they were preparing to file a lawsuit for Yoon’s dismissal.

At a time of such high political tension, the country’s traditional financial markets were also affected. The South Korean stock market started the day with a 2% drop when it reopened, but trading continued smoothly.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post South Korean Martial Law Affected the Crypto Market! appeared first on Coin Engineer.