korbit

Web3 asset data platform RootData issued a daily transparency alert on Twitter (X), noting the lack of information on teams, key calendar events, token data, and more for centralized exchanges such as Korbit, Bitkub, Luno, VALR, and bitFlyer. It calls on project parties to submit/update information on RootData to enhance their transparency scores. Additionally, RootData stated that it will continue to monitor and expose "black box" projects that lack core information.It is reported that the RootData transparency score is used to measure the integrity and timeliness of projects, aiming to reflect the information disclosure situation of the projects. The transparency score is divided into 5 levels from A to F, with lower scores indicating less complete information disclosure and higher risks of wrongdoing, requiring investors to be highly vigilant.

According to Yonhap News Agency, Mirae Asset Group has decided to invest 133.5 billion won (approximately 93.82 million USD) to acquire a 92.06% stake in the South Korean cryptocurrency exchange platform Korbit through its subsidiary, Mirae Asset Consulting.The transaction involves 26.91 million shares, which are all the shares held by Nexon's parent company NXC and SK Square's SK Planet that Mirae Asset is purchasing.

Korean cryptocurrency exchange Korbit announced that it will accept a nearly $2 million fine and an official warning from the Financial Intelligence Unit (FIU) without filing an appeal. The FIU conducted anti-money laundering on-site inspections of all fiat exchanges in South Korea in October 2024, discovering approximately 22,000 violations at Korbit, including 12,800 instances of accepting vague or unclear identification documents, as well as allowing users to trade without completing KYC verification.Korbit stated, "We respect and humbly accept the FIU's decision to ensure the transparency and healthy development of the cryptocurrency market, and we have completed all corrective measures." As the first cryptocurrency exchange in South Korea, Korbit's market share has now shrunk to 0.5%, with an average daily trading volume of only about $12 million. Securities giant Mirae Asset is advancing an acquisition deal, with amounts ranging from $68 million to $95 million.

According to the announcement from the Financial Intelligence Unit (FIU) of South Korea, in response to the cryptocurrency exchange Korbit's violation of anti-money laundering (AML) obligations under the Specific Financial Information Act, the FIU has decided to impose an "institutional warning" and a fine of 2.73 billion KRW (approximately 1.88 million USD) on it. Additionally, the FIU has issued a "notice" sanction to its representative office and a "condemnation" sanction to the head of anti-money laundering reporting.The sanctions involve three major violations identified by the FIU during an on-site inspection of Korbit from October 16 to October 29, 2024: Korbit had approximately 22,000 cases of customer due diligence (CDD) and transaction restriction violations, including accepting ambiguous identification documents, allowing transactions with incomplete customer information, and failing to fulfill customer re-confirmation obligations periodically; conducted 19 asset transfer transactions with three undeclared overseas virtual asset service providers; and failed to perform the required money laundering risk assessment obligations before launching 655 new assets, including NFTs.

According to Arkham data, at 12:51, 150 BTC (worth approximately 13.09 million USD) was transferred from Korbit to two anonymous addresses (starting with 3F8XJ... and bc1qs...).

According to the Korea Times, South Korea's major financial group Mirae Asset is considering acquiring the local cryptocurrency exchange platform Korbit. Reports indicate that Mirae Asset is negotiating to acquire approximately 92% of Korbit's shares, with the transaction valued at up to 140 billion won (about 97 million USD).Mirae Asset, headquartered in Seoul, operates in asset management, wealth management, investment banking, and insurance, making it an important institution in South Korea's traditional financial sector. If the deal is finalized, it will be its first direct involvement in cryptocurrency-related business. Reports suggest that Mirae Asset's founder, Park Hyun-joo, has emphasized exploring opportunities for the integration of traditional assets and digital assets in recent years.Industry insiders point out that although Korbit has limited market presence, its years of accumulated financial experience may help it drive differentiated development in the future. Data shows that Korbit currently ranks fourth among six compliant trading platforms in South Korea by trading volume, with a 24-hour trading volume of approximately 11.8 million USD, significantly lower than Upbit (about 1.2 billion USD) and Bithumb (about 475 million USD), while the third place, Coinone, has about 58 million USD.

According to Cointelegraph, Mirae Asset Group is in negotiations to acquire Korbit, the fourth largest cryptocurrency exchange in South Korea, with a transaction valuation estimated at around 100 billion to 140 billion Korean won, equivalent to approximately 70 million to 100 million USD.The potential acquisition will be led by Mirae Asset Consulting, a non-financial subsidiary of Mirae Asset Group, which has signed a memorandum of understanding with Korbit's major shareholders. Public information shows that NXC and its subsidiary Simple Capital Futures collectively hold about 60.5% of Korbit's shares, while SK Square holds approximately 31.5%.The report points out that Korbit possesses a complete operating license and compliance system, making it attractive to large financial groups looking to enter the digital asset space in a compliant manner. However, in terms of market share, Korbit has a limited presence in the South Korean cryptocurrency trading market.Data from CoinGecko indicates that out of the approximately 1.21 billion USD in total 24-hour trading volume across six major exchanges in South Korea, Korbit only contributes about 5.75 million USD, accounting for less than 1%. In contrast, Upbit, Bithumb, and Coinone hold significant advantages. Previous reports have indicated that Naver Financial also plans to acquire Dunamu, the operator of Upbit, through a share swap, demonstrating that traditional financial and tech giants in South Korea are continuously increasing their investments in the cryptocurrency asset space.

According to ChainCatcher news, as reported by Chosun Biz, sources indicate that NXC, the holding company of South Korean gaming giant Nexon and the largest shareholder of one of South Korea's top five cryptocurrency exchanges, Korbit, is seeking to sell its 48% stake. NXC acquired a 62% stake in Korbit for 93 billion won in 2017, and its share was diluted after SK Square, an investment company under the SK Group, joined as the second-largest shareholder in 2021. An official from NXC stated, "We cannot make a formal statement at this stage."The report indicates that Korbit's performance has gradually deteriorated over the six years since being acquired by NXC. A deficit is also expected in 2023. NXC stated at the beginning of its investment that it would not directly participate in Korbit's management, and industry insiders analyze that even if Korbit falls into difficulties, NXC has not provided significant support to the exchange.

ChainCatcher news, according to a statement released by the Financial Services Commission (FSC) of South Korea, the financial intelligence unit of South Korea held a meeting with virtual asset service providers (VASP) to strengthen regulatory compliance. The top five cryptocurrency exchanges in South Korea (including Upbit, Bithumb, Coinone, Korbit, and Gopax) have established compliance systems to monitor illegal activities.The meeting revealed that Upbit has created an anomaly trading detection system using artificial intelligence (AI). Bithumb has developed a feature that automatically terminates the trading application when a remote control application is installed and money laundering transactions are detected. Coinone has strengthened the management and monitoring of "risk wallet addresses" related to financial incidents. Korbit has introduced a real-time management system and a secondary review system for each stage of suspicious transaction reports (STR). Gopax has set up a hotline that can respond immediately when it receives account freeze requests related to crimes such as voice phishing.Through a collective commitment, the participants pledged to strengthen joint dialogue around enhancing compliance capabilities. They plan to hold meetings every 2-3 months in the future to maintain this commitment.

ChainCatcher news, according to Yonhap News Agency, South Korean gaming giant WeMade has withdrawn all lawsuits against the digital asset trading platform under the joint consulting organization (DAXA) for violating the delisting regulations of the virtual currency WEMIX. According to legal sources cited by Yonhap, WeMade submitted a notice of withdrawal to the Seoul Central District Court against Upbit, Bithumb Korea, Coinone, and Korbit.In December 2022, the Seoul Central District Court rejected the temporary injunction application filed by WeMade's subsidiary Wemix PTE regarding the delisting of the WEMIX Token by crypto trading platforms such as Upbit. However, WeMade expressed dissatisfaction with the court's ruling and subsequently appealed, until today when they withdrew the lawsuit. (Source link)

Chain Catcher news, the DAXA alliance formed by South Korea's five major cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax) plans to support the Ethereum hard fork. DAXA has decided to collaborate on the listing and delisting standards for the hard fork tokens. As of now, the five exchanges have not released any announcements. (Source link)