South Korea Targets Unregistered Crypto Exchanges in Major Crackdown

South Korea Targets Unregistered Crypto Exchanges

South Korea's Financial Intelligence Unit (FIU) is intensifying its efforts to regulate foreign cryptocurrency exchanges operating without proper registration. According to Bitcoinist, exchanges such as BitMEX, KuCoin, CoinW, Bitunix, and KCEX have been identified as providing services to South Korean users without registering as Virtual Asset Service Providers (VASPs). These platforms reportedly offer Korean-language websites and customer support targeted at local investors, violating the Specified Financial Information Act.

The FIU is considering measures such as blocking access to these platforms and collaborating with the Korea Communications Commission to enforce compliance. In 2022, similar actions led to the blocking of 16 overseas exchanges, including Poloniex and KuCoin. The FIU is also working with domestic card companies to prevent crypto-related transactions, which has already caused some exchanges to exit the Korean market.

FIU officials stated, "We are strengthening communication between authorities by compiling data on damage cases and related data, expecting tangible measures to be taken within the year."

Key Takeaway: South Korea is cracking down on unregistered foreign crypto exchanges, with potential sanctions and access blocks expected soon.

Bitcoin Whale Activity Raises Concerns

Bitcoin's price stability may be at risk as the Exchange Whale Ratio reaches its highest level since 2024, according to TradingView. This metric, which measures the proportion of large transactions by whales to total exchange inflows, has surpassed 0.6. Such high levels suggest that whales are moving significant amounts of Bitcoin to centralized exchanges, potentially signaling a sell-off.

Historically, increased inflows to exchanges have been associated with downward pressure on Bitcoin's price. As of now, Bitcoin is trading just above $84,000, with no significant movement in the past 24 hours. Analysts warn that the rising whale activity could lead to increased selling pressure, impacting Bitcoin's price trajectory in the coming weeks.

Key Takeaway: Rising Exchange Whale Ratio indicates potential bearish trends for Bitcoin, with large investors possibly preparing to sell.

Coinbase Eyes Deribit Acquisition

Coinbase is reportedly in advanced talks to acquire Deribit, a leading crypto derivatives exchange, in a deal valued between $4 billion and $5 billion, as reported by CoinDesk and SiliconANGLE News. Deribit, known for its dominance in Bitcoin and Ether options trading, processed nearly $1.2 trillion in trading volume in 2024, almost double the previous year. This acquisition would significantly bolster Coinbase's presence in the crypto derivatives market.

Deribit, headquartered in the Netherlands, specializes in options and futures trading. The deal, if finalized, would mark one of the largest acquisitions in the crypto industry. Coinbase has already informed Dubai regulators, where Deribit holds a license, about the ongoing discussions. However, sources caution that the deal is not yet guaranteed to materialize.

Key Takeaway: Coinbase's potential acquisition of Deribit could expand its footprint in the lucrative crypto derivatives market, with trading volumes reaching new highs.

Bybit Partners with Tomorrowland Brasil

Bybit has been named the exclusive payment partner for Tomorrowland Brasil 2025-26, according to FinanceFeeds. The partnership allows Bybit Card holders early access to tickets, marking a first in the festival's history. Tomorrowland Brasil 2025 will take place from October 10-12 in São Paulo, featuring over 150 electronic artists across six stages under the theme "LIFE."

The Bybit Card offers users seamless payments, exclusive rewards, and up to 8% APR on balances. Cardholders can participate in a two-day presale starting April 4, 2025, with general ticket sales opening on April 8. Bybit's integration with the festival's ticketing system ensures a smooth booking experience for users.

Key Takeaway: Bybit's partnership with Tomorrowland Brasil highlights the growing integration of cryptocurrency in mainstream events, offering exclusive benefits to its users.

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