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Bitcoin ETFs Korean Debut: Best Cryptos to Buy Now

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  • South Korean presidential election front-runner Lee Jae-myung vows to lift the ban on crypto ETFs and approve spot Bitcoin ETFs.
  • Institutional capital floods BTC ETFs for a third consecutive week, raising speculations of another market rally.
  • Bitcoin-based Layer 2 projects like Bitcoin Pepe are the best crypto to buy now to get a head start on the coming BTC rally.

The crypto market is rejuvenating as institutions return to invest in Bitcoin ETFs, bringing in fresh capital. South Korea’s presidential election is approaching, and candidates are going pro-crypto, vowing to approve spot BTC ETFs and create policies for cryptocurrency trade nationwide. 

Data from CoinMarketCap shows a total inflow of $5.3 billion in BTC ETFs in the previous three weeks, with $1.58 billion added in just the past week. These recent inflows are the largest this year, highlighting that institutions see potential in Bitcoin’s future growth.

The bullish pressure created by these ETF inflows pushed the Bitcoin price through the $86,000 resistance, leading to over 15% recovery within three weeks to the current price of $99,178. Along with BTC, the broader market has also recovered significantly after several months of correction.

Over the past few years, not only institutions but also many governments have shown interest in Bitcoin. As of May 2025, seven countries have approved and launched spot Bitcoin ETFs, and South Korea appears to be the next to join this growing list.

Bitcoin ETFs become a deciding factor in South Korea’s election

Cryptocurrency and decentralized technology are highly popular among the new generation, which is why presidential candidates in South Korea are now basing their pledges around crypto to win votes from youth voters.

The leading South Korean presidential candidate from the Democratic Party, Lee Jae-myung, has promised to approve Bitcoin spot ETFs if he is elected in the coming term.

Meanwhile, conservative party candidate KIM MOON-SOO also expressed interest in lifting the ETF ban and investing government money in Bitcoin. 

Despite regulatory uncertainties, over 30% of the South Korean population already invests in digital assets. Thus, the debut of Bitcoin ETFs in South Korea will bring tremendous capital not only into BTC but also into the overall altcoin market, potentially sparking the biggest market rally.

As the leading world forces unite to adopt digital assets and we move towards a decentralized global economy led by Bitcoin, investors are flocking to undervalued tokens that can provide them with multi-bagger returns. Three emerging projects, Bitcoin Pepe, CartelFi, and PepeX, stand out as the best performers for the next bull cycle. 

Bitcoin Pepe (BPEP): A hybrid of Solana and Bitcoin

The increasing government and institutional participation in Bitcoin ETFs is pushing the market towards another rally, and the leading Layer 2 solution, Bitcoin Pepe, is positioned to receive the most upward thrust. While it is the first meme ICO on the Bitcoin network, Bitcoin Pepe is doing more than just creating a community hype.

The real purpose is to create a Solana-like trading experience on Bitcoin so you can trade memes at the fastest speeds and lowest fees on the most secure network. Unlike the current Bitcoin network with technical limitations, the upgraded version will have a highly scalable and efficient infrastructure that surpasses even Solana.

A new PEP-20 token standard will remove all existing barriers to token creation, allowing you to create and launch assets natively on BTC.

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Members of the Bitcoin Pepe community are making tremendous returns in the presale, raising $7.7m so far into the stage 9. The current stage is ending soon, and it is the last chance to acquire BPEP at the low price of $0.031 since the price periodically surges 5% with each new stage.

CartelFi (CARTFI): Put your idle meme coins to work

CartelFi is the first platform to establish a meme coin staking model, eliminating the long-standing tradeoff between explosive memes and yield-producing assets. You can use it as a bridge between memes and DeFi to earn by locking your tokens of choice without losing ownership or affecting the upside potential.

Its meme-centric liquidity and staking pools convert your dormant meme coins into money printers, providing crazy returns. You can choose from single asset staking that offers up to 1,000% APYs or go for stablecoin and blue chip pairs to earn stable yields with lower risks.

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CartelFi creates a deflationary effect on its native token, CARTFI, by using 100% of the platform’s revenue for buybacks and burns, which provides continuous upward pressure on the token’s value. The token is available in the live presale, currently priced at $0.0472 in stage 14. The presale offers investors a chance to make quick returns, with the price increasing in every new stage.

PepeX (PEPX): Get early access to global billion-dollar ideas

PepeX, an emerging token launchpad powered by AI, is solving all your token creation and DeFi capital allocation challenges by promoting transparency and fairness and improving accessibility. As we enter an era of global DeFi adoption, it is best to invest in early-stage crypto ideas that can grow to become the next market leader.

However, as a retail investor, you typically don’t have access to these opportunities because of influence from institutions. Here is where PepeX enters the scene to provide you with equal footing as the big players in the crypto world, allowing retail investors to become VCs for the next revolutionary startup.

PepeX’s anti-sniping tools and fair launch model prevent pump-and-dump schemes and shady tokens, ensuring your safety and enabling you to invest in fair projects with real upside potential.

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The PEPX presale is live and thriving with over $2.1m raised due to the massive community support. The price for PEPX is $0.0255 for a limited time since the current stage will soon end and cause another price hike.

Conclusion

The massive wave of Bitcoin ETF inflows and a potential debut in the South Korean market sparked speculation about the start of the next market cycle. The three best cryptos to buy now, with Bitcoin as the leading force in this bull wave are Bitcoin Pepe, CartelFi, and PepeX, all going viral for their real-world solutions.

Bank of Korea Dismisses Bitcoin Reserve Rumors as Global Crypto Discussions Intensify

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  • The Bank of Korea (BOK) denied any plans to include Bitcoin in its foreign exchange reserves, citing high volatility and IMF standards.
  • Bitcoin’s extreme price fluctuations raise concerns about transaction costs and liquidity for reserve assets.
  • While some countries explore BTC reserves, major financial institutions remain skeptical about its suitability.

In a decisive statement, the Bank of Korea (BOK) has denied any plans to include Bitcoin in the country’s foreign exchange reserves, clarifying that the idea has “never been reviewed.” This response came on March 16 after Rep. Cha Gyu-geun of the Democratic Party of Korea formally inquired about the possibility of BTC being recognized as part of Korea’s financial assets.  

This marks the first official stance from South Korea’s central bank on the matter. According to a report from Korea Economic TV, the BOK highlighted Bitcoin’s extreme volatility as a primary reason for caution. The digital asset has experienced dramatic price swings, soaring to 160 million won ($119,000) in January before tumbling to 110 million won ($82,000). While some analysts foresee continued growth, skeptics warn that Bitcoin’s value could collapse entirely.

Bitcoin’s Volatility Raises Red Flags  

The BOK elaborated on the potential risks associated with Bitcoin’s inclusion in foreign reserves. High volatility could significantly increase transaction costs when converting BTC into cash, particularly during market downturns. Moreover, the bank emphasized that BTC fails to meet the International Monetary Fund (IMF) standards for foreign exchange reserves, which require assets to be highly liquid, easily tradable, and denominated in a stable, creditworthy currency.  

The central bank reaffirmed that no discussions or reviews on BTC reserves have ever taken place. “There has been no discussion or review of Bitcoin’s inclusion in foreign exchange reserves so far,” the BOK stated. While some nations, such as Brazil and the Czech Republic, have shown interest in BTC reserves, major financial institutions, including the European Central Bank (ECB), the Swiss National Bank, and the Japanese government, have taken a more skeptical stance.  

A Global Debate on Bitcoin Reserves  

The BOK’s statement comes at a time when Bitcoin’s role in national reserves is being hotly debated worldwide. Notably, U.S. President Donald Trump recently signed an executive order to establish a strategic BTC stockpile though this initiative focuses on BTC seized through legal processes rather than new federal acquisitions.  

As BTC adoption continues to rise, central banks remain divided on whether the world’s leading cryptocurrency should be recognized as a legitimate reserve asset. With South Korea’s central bank firmly dismissing the idea, for now, the global discussion surrounding Bitcoin’s role in national reserves is far from over.

Related | Market May Wobble, But Lightchain AI’s AI-Blockchain Combo Stays Rock Solid

Ripple: This the Week XRP Wins? Korean Deal & SEC Settlememt Hints

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  • Ripple Custody to provide institutional-grade security for XRP and RLUSD in Korea.
  • BDACS and Ripple partnership aligns with Korea’s new regulatory framework for digital assets.
  • The partnership aims to expand the XRPL ecosystem and RLUSD usability in South Korea.

Ripple struck a key deal with BDACS, a Korean custody firm. This partnership complies with the Financial Services Commission’s (FSC) progressive regulatory framework that seeks to integrate institutional players into Korea’s digital asset landscape.

According to the official blog post, the key focus area of the alliance is to offer secure custody for XRP and Ripple’s RLUSD stablecoin, boosting the XRPL ecosystem’s growth, expanding RLUSD’s practical application, and leveraging Busan’s blockchain-friendly environment. The participating entities aim to bolster institutional-grade custody standards, driving technological and commercial advancements within South Korea.

Ripple
Ripple: This the Week XRP Wins? Korean Deal & SEC Settlememt Hints 5

BDACS’s CEO, Harry Ryoo, emphasizes the partnership’s role in providing secure and reliable custody, enhancing the broader digital asset ecosystem. Fiona Murray, Managing Director of APAC at Ripple, highlights the strategic timing, noting the surging crypto market and the FSC’s supportive regulations.

By integrating Ripple Custody, an institutional-grade software infrastructure, BDACS intends to secure the storage and management of digital assets. This move enables the custody firm to capitalize on the projected $16 trillion crypto custody market by 2030, as well as the anticipated tokenization of 10% of global GDP.

Ripple’s Korean Leap

The firm’s support for XRP, a payment-focused digital asset, and RLUSD, a compliant USD-denominated stablecoin, aligns with the increasing institutional demand for reliable digital asset solutions. Ripple’s established track record, including over a decade of experience and 60+ regulatory licenses, reinforces its position as a trusted provider of core digital asset services.

BDACS has also strategically expansed its footprint into other key industry players, including partnerships with Avalanche, Polymesh, and Woori Bank, underscoring its commitment to leading the digital asset custody market. Additionally, the firm’s focus on tokenized securities (STO) and real-world asset tokenization (RWA) demonstrates its proactive approach to emerging market trends.

Overall, the collaboration with Ripple signifies a pivotal moment for South Korea’s digital asset sector, as it paves the way for increased institutional participation and innovation.

The partnership comes at a crucial time, as sources and insiders close to the Trump administration indicate the XRP vs SEC case will be announced as settled before the end of the week.

Crypto Policy Shift: Korea’s Virtual Asset Committee Gears Up for Industry Reform

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  • Korea is launching its Virtual Asset Committee this month, focusing on crypto asset spot ETFs and corporate investments.
  • The Committee will advise on policy under the Financial Services Commission, addressing ongoing regulatory issues.
  • Discussions will accelerate the introduction of second-stage legislation for virtual assets in Korea.

The Korean government will establish the ‘Virtual Asset Committee’ by October, with the aim of resolving diverse regulatory issues in the crypto space. The committee, which will be supported by the policy advisory body of the Financial Services Commission, will bring experts together to discuss the most pressing issues, security token listings, virtual asset spot ETFs, as well as company investments in crypto.

This committee was created after the ‘Virtual Asset User Protection Act’ was introduced in July, as the government shows great interest in the cryptocurrency market. FSC Vice Chairperson Kim So-young will head the new committee, which will include 15 members, six government officials, and nine representatives from the private sector.

Discussions on Crypto Spot ETFs and Corporate Investments

Other important matters on the committee’s agenda are the endorsement of crypto asset spot ETFs. While countries like the United States have opened up their markets to Bitcoin and Ethereum ETFs, South Korea has been rather resistant to allowing such products into its market. The prohibition of corporate investments in crypto is another issue that this committee should look at, with many within the industry seeing this as an obstruction to growth and innovation.

The Financial Services Commission said, in the most recent state audit, that addressing these issues was high on its agenda. The first meeting by the committee presages perhaps quicker regulatory changes to address calls from the industry for more investment products easily accessible.

Second-Stage Legislation on the Horizon

On the way forward, the Virtual Asset Committee also intends to consider ‘stage 2 legislation’ to further flesh out the foundational work of the Virtual Asset User Protection Act with regard to proposed issuance, listing, and disclosure provisions of virtual assets whose main result would be a suitably regulated marketplace for both business enterprises and investors.

The FSC Chairman, Kim Byung-hwan, emphasized that Dong-A Ilbo needs to balance market protection with innovation promotion. The committee is likely to guide the development of the virtual asset industry and provide a way forward to clear up the regulatory environment in Korea and provide growth opportunities.

Related Related | Active Addresses Surge: Is Dogecoin Poised for a Price Rally?

S.Korea’s Crypto ETF Ban Reevaluation: 61% Trade Volume Surge Red Flags

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  • South Korea’s FSC plans to reevaluate its ban on local spot cryptocurrency ETFs and institutional accounts, signaling a shift in regulatory stance.
  • The approval of spot bitcoin ETFs in the U.S. has pressured the FSC to consider local listings, reflecting a potential policy change.
  • Upbit dominates the market, handling 61% of trade volume, raising concerns about its influence on partner K-bank and implications for its IPO plans.

South Korea’s Financial Services Commission (FSC) has announced a significant shift in its approach to cryptocurrency regulation. The FSC stated that it would reevaluate the ban on local spot cryptocurrency exchange-traded funds (ETFs) and institutional accounts on crypto exchanges. This decision comes as part of a broader discussion on digital asset policies through its newly formed cryptocurrency committee.

Historically, the FSC has maintained a strict stance against digital asset exposure within traditional financial markets. However, the regulator’s recent report for the annual audit reveals a willingness to reconsider its previous decisions. This marks a notable departure from its past opposition to cryptocurrencies.

The potential for change has been heightened by the approval of spot bitcoin ETFs in the United States earlier this year. The success of these financial products has led to increasing pressure on South Korean regulators to adapt. While the FSC has reaffirmed its commitment to the existing ban, there is now an indication of a more open-minded approach to local crypto ETF listings.

Investigating Monopolistic Structures of Crypto Exchanges

In addition to reviewing ETFs and institutional accounts, FSC chair Kim Byung-hwan has announced plans to investigate the monopolistic structure of South Korea’s digital asset exchanges. Upbit’s dominance has raised concerns among regulators and lawmakers alike. Kim’s comments were spurred by Democratic Party lawmaker Lee Kang-il, who highlighted the financial relationship between Upbit and its partner, K-bank.

K-bank, a key player in South Korea’s digital banking sector, has become increasingly reliant on Upbit. Lee pointed out that Upbit deposits constitute 20% of K-bank’s total deposits, raising alarm over the potential risks if their partnership were to falter. This reliance could pose a significant threat to K-bank’s upcoming initial public offering (IPO) plans, as the stability of the neo bank hinges on its relationship with Upbit.

As South Korea’s financial watchdog reevaluates its position on cryptocurrency regulation, the potential approval of local spot ETFs could reshape the digital asset landscape in the country. With pressure mounting from lawmakers and market participants, the FSC’s forthcoming decisions will be crucial in determining the future of cryptocurrency trading and investment in South Korea. The implications of these changes could extend far beyond the local market, influencing global digital asset trends and investor sentiment.

XRP Surge Leads Pack on Upbit: Snapshot of S.Korea’s Crypto Market

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In the world of cryptocurrencies, XRP has surged ahead as the most traded asset on Upbit, South Korea’s top crypto exchange. Data from CoinMarketCap reveals that the XRP/KRW trading pair amassed a staggering $448.5 million in volume over the past 24 hours. This remarkable figure underscores XRP’s popularity among South Korean traders.

Trailing behind, though by a considerable margin, is the SHIB/KRW pair. Shiba Inu, the meme coin sensation, generated $178.5 million in trading volume. This places it second, though it falls well short of XRP’s numbers.

Bitcoin, often hailed as the king of cryptocurrencies, surprisingly takes the third spot. The BTC/KRW pair saw $171.4 million in trading volume. This shift highlights a unique trend in the South Korean market, where altcoins often outshine their more established counterparts.

South Korea stands out as a major crypto hub. Local traders have shown a marked preference for altcoins, driving substantial volumes on domestic exchanges. Notably, the Korean won surpassed the U.S. dollar in global trading volumes back in April, cementing South Korea’s influence in the crypto sphere.

The cryptocurrency craze in South Korea reached such heights that it became a talking point in the political arena. Earlier this year, candidates vied for the favor of crypto-enthusiastic voters, making digital currencies a key election issue.

XRP’s Market Activity

XRP’s recent performance has captivated the crypto community. The token’s price spiked amid speculation about a rumored settlement between Ripple and the U.S. Securities and Exchange Commission. However, the excitement was short-lived. When the meeting was canceled, XRP’s price took a dramatic plunge.

Meanwhile, Shiba Inu faced its own turbulence. The WarizX hack saw an attacker make off with approximately $100 million worth of SHIB tokens. This incident sent SHIB’s price down by 10%. Despite the setback, the price rebounded once the hacker sold off their stolen tokens.

In the dynamic world of cryptocurrencies, South Korea remains a focal point. With XRP leading the charge on Upbit, and the market’s ever-evolving landscape, traders and enthusiasts alike keep a close watch on the trends emerging from this crypto-savvy nation.

North Korea’s $3 Billion Crypto Scandal Unearthed by UN Report

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The United Nations has sounded an alarm, highlighting a disturbing correlation between North Korea and cyber-attacks, with cryptocurrency emerging as a favored tool in their arsenal. According to a report cited by the South Korean Yonhap news agency, North Korea derives over 50% of its foreign currency through cybercrime, with cryptocurrency hacking alone contributing a staggering $3 billion to their coffers.

The UN report sheds light on the substantial investments funnelled by state-sponsored cyber thieves into digital assets, with up to 40% of these funds allegedly diverted towards the development of weapons of mass destruction (WMD). This revelation underscores the urgent need for robust response mechanisms to combat such threats effectively.

One of the most alarming findings of the report is the involvement of North Korean hackers in numerous cryptocurrency heists, with the UN Security Council identifying 58 cyber-attacks on the blockchain ecosystem between 2017 and 2023, amounting to a total loss of $3 billion. These figures highlight the imperative for decisive action to mitigate the risks posed by North Korea’s cyber warfare capabilities.

Combatting Cyber Threats: The Role of Crypto in Security

While the report itself lacks the authority to enforce sanctions, it serves as a clarion call for collective action. Discussions within the Security Council revolve around implementing measures to hold entities complicit in North Korea’s cybercrimes accountable. However, the road to accountability remains fraught with challenges, compounded by North Korea’s steadfast denial of the allegations.

The gravity of the situation cannot be overstated, especially considering the recurring involvement of state-sponsored actors like the Lazarus group in cyber-attacks. Addressing this threat is paramount for international security agencies, given that nearly half of North Korea’s foreign income is derived from illicit cyber activities.

In conclusion, the UN’s report underscores the critical need for a concerted global effort to combat cyber threats emanating from North Korea. As the international community grapples with the implications of state-sponsored cyber warfare, proactive measures must be taken to safeguard against future attacks and hold perpetrators accountable. Failure to do so could have far-reaching consequences for global security and stability.

Ripple(XRP) Ownership Booms in Korea: Ripple Partner Unveils Impressive Statistics

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Back in July 2023, Ripple took notice of South Korea and looked to boost XRPL adoption. The company behind XRP, the virtual currency, and the XRP ledger is working with a domestic research institution to expand its footprint in South Korea. With the partial settlement of its protracted legal battle with the SEC, Ripple is still dedicated to growing its business and offering its services in new regions.

The most recent tactical maneuver made by Ripple is in South Korea. The company declared that it is collaborating with Seoul-based Catalyze Research to raise awareness of XRP Ledger (XRPL). Vice president at Ripple Markus Infanger praised South Korea’s developers and called the nation a “dynamic market”.

“South Korea has emerged as a vibrant hub for blockchain and Web3 technology, with a strong developer community that has showcased remarkable innovation and expertise,” Infanger said in a statement.

Compared to other countries, South Korea has seen a number of high XRP trading volume transactions. Ripple disputed that those quantities were the reason for the agreement. Apart from bitcoin (BTC), XRP was the most traded cryptocurrency on South Korean cryptocurrency exchanges from January to May. Trading volumes for XRP, which came to $24.5 billion during that time, almost tripled those for ether (ETH), which was trading at about $9 billion.

Ripple Partner Unveils Impressive Statistics

The cryptocurrency community is well aware that South Korea accounts for a sizable portion of XRP investors. By trading volume, XRP is undoubtedly one of the biggest cryptocurrencies in South Korea and the second most valuable asset on Bithumb, one of the most well-known exchanges in the nation.
Josh Kim, a Ripple partner spearheading the XRP Ledger’s development in South Korea, provided more details on the country’s XRP adoption in an upcoming interview with Crypto Eri.

To be more precise, he mentioned that five million people in South Korea, or around 10% of the nation’s total population, own more XRP than any other cryptocurrency.

He also cited previous studies conducted by government organizations that show at least 15% of the XRP in circulation is owned by South Koreans. Josh Kim believes the nation will maintain its position as a leader in the adoption of XRP and XRP Ledger in spite of regulatory obstacles.

North Korea’s Crypto Heist Funds Nuclear Threat, Allies Warn

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The White House announced on Friday night that top national security officials from the U.S., South Korea, and Japan met in Seoul to discuss the challenges posed by North Korea’s nuclear and missile programs, as well as its cyberattacks on the cryptocurrency industry.

U.S., South Korean, and Japanese National Security Advisors discussed trilateral initiatives, including consulting on regional crises, cooperation on ballistic missile defense, and efforts to counter North Korea’s use of cryptocurrency to fund weapons of mass destruction programs.

The statement also said that the three officials discussed North Korea’s ties with Russia, which have been growing amid the tensions between Pyongyang and Washington.

North Korea’s Crypto Heists Under Scrutiny

North Korea has been accused of stealing billions of dollars worth of cryptocurrency from various projects and platforms in the past few years, using sophisticated hacking techniques and tools. The U.S. government has attributed some of these cyberattacks to the Lazarus Group, a notorious hacking group linked to the North Korean regime.

Last year, the Lazarus Group allegedly stole over $600 million from Ronin Bridge, a blockchain network that connects the popular online game Axie Infinity to the Ethereum network.

The U.S. Treasury Department’s Office of Foreign Asset Control (OFAC) has imposed sanctions on several entities and individuals that it claims have helped North Korea launder the stolen cryptocurrency.

Last week, OFAC added two crypto addresses associated with the Sinbad mixer, which mixes cryptocurrency transactions to hide their origins and destinations. Law enforcement agencies also seized Sinbad’s website from several countries.

OFAC has also blacklisted various wallet addresses and individuals from the global financial system, alleging that they have supported North Korea’s efforts to use the stolen digital assets to finance its WMD programs.

One of the most notable targets of OFAC’s sanctions was Tornado Cash, a privacy tool that allows users to anonymize their Ethereum transactions. OFAC claimed that more than $100 million in stolen cryptocurrency had passed through the service.

Related Reading | Bitcoin Traders On Edge After “Bull Trap” Rumours

Bithumb Launch TRC20-USDT: Becomes First Korean Exchange

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Bithumb, the second-largest cryptocurrency exchange in South Korea, has unveiled its latest offering – TRC20-USDT, a Tether’s USDT variant issued on the TRON network, and has introduced a trading pair with the Korean won. This announcement holds particular significance as South Korean exchanges traditionally operate with Korean Won or BTC as their primary denominations. Notably, its main competitor, Upbit, the largest exchange in the country, currently does not feature USD stablecoins.

Deposit commencement: December 7, 2023 [Thursday] at 11:00 am.

Commencement of trading: December 7, 2023 [Thursday] at noon.

Established price: 1,316 won.

Bithumb
Bithumb Launch TRC20-USDT: Becomes First Korean Exchange 7

This strategic move aligns with Bithumb’s broader ambitions, including an impending initial public offering [IPO] aimed at instilling investor confidence, reshaping the market dynamics currently dominated by Upbit with an 85% trading volume share, and reclaiming the top position in the market. The IPO, anticipated in the second half of 2025, represents a historic milestone as the first-ever for a major virtual asset trading platform in South Korea.

For the IPO process, Bithumb has enlisted Samsung Securities as its underwriter and is initially eyeing a listing on the Korean KOSDAQ exchange. However, the final decision on whether to opt for the main KOSPI bourse will depend on market conditions closer to the planned IPO date.

Bithumb Navigate Legal and Regulatory Challenges

Typically, companies preparing for an IPO anticipate enhanced governance transparency and external validation of internal controls, potentially luring users back to the platform that saw a decline in its leading position amid a series of controversies in recent years.

As reported by TronWeekly, former Bithumb Chairman Lee Jeong-hoon faces potential prosecution with a maximum sentence of an eight-year prison term for alleged fraud amounting to 110 billion won. The prosecution alleges that he caused significant financial harm by deceiving BK Group Chairman Kim Byeong-gun. The court has scheduled the next appeal hearing for January 18th next year, adding another layer of complexity to Bithumb’s current situation.

Simultaneously, South Korean authorities have toughened their stance on unlicensed digital asset exchanges by joining forces with key industry stakeholders to crack down on what they claimed to be illegal entities. The Financial Intelligence Unit [FIU] has enlisted the assistance of the Digital Asset Exchange Association [DAXA], an industry organization comprising major exchanges in South Korea, including Coinone, Bithumb, Korbit, and Upbit, in this regulatory initiative.