From India to South Korea, crypto exchanges under regulatory lens

Seoul, (IANS): The financial regulator here said on Tuesday it will soon launch an inspection of virtual asset exchanges to check for any illegal or unfair transactions, as India cracks down on crypto platforms.The planned inspection will be the first of its kind since the country introduced tougher rules against illegal trading of virtual assets in July under the new Virtual Asset Users Protection Act, which enabled maximum punishment of life imprisonment for those who gain more than 5 billion won ($3.7 million) through illegal transactions.The Financial Supervisory Service (FSS) said it will inspect two South Korean won-based cryptocurrency exchanges, considering what it called "unusual cases" detected in earlier reviews, reports Yonhap news agency.There are said to be a total of four Korean won-based exchanges in the country.In addition, three more cryptocurrency exchanges and one cryptocurrency wallet provider will come under the planned inspection, as well as any other exchanges when and if any problems or complaints are filed against them, the FSS added.The inspection will check...

Read More........ → September 19, 2024

Telegram CEO Durov released on bail, but formally put under investigation

Paris, (IANS): Pavel Durov, the founder and CEO of the encrypted messaging service Telegram, was released after paying a five-million-euro (about $5.6 million) bail, but he is required to report to the police twice a week, Paris Public Prosecutor Laure Beccuau said.Durov is officially placed under investigation on six charges and he was prohibited from leaving France during the investigation, Beccuau added on Wednesday night as reported by Xinhua news agency.Durov was arrested by French Police at an airport outside Paris on Saturday night.Beccuau said on Monday that the Telegram founder is accused of 12 criminal offences, including failing to act against Telegram users involved in cyberbullying, sharing pedophilic content and glorifying terrorism.He added the arrest "comes in the context of a judicial investigation opened on July 8, 2024".It also concerns "refusal to communicate, at the request of competent authorities, information or documents necessary for carrying out and operating interceptions allowed by law," the Paris prosecutor said.In response to the arrest, the Telegram group...

Read More........ → August 30, 2024

N Korea stole $300m in crypto to fund nukes: UN report

A confidential UN report claimed that North Korea has stolen more than $300 million worth of cryptocurrencies through cyberattacks in recent months to support its banned nuclear and ballistic missile programmes. -Reports AFPCompiled by a panel of experts monitoring sanctions on Pyongyang, the report said the country’s “total theft of virtual assets from 2019 to November 2020 is valued at approximately $316.4 million”, citing a UN member state. Financial institutions and exchanges were hacked to generate revenue for Pyongyang’s nuclear and missile development, said the report, which was seen by AFP. The vast majority of the proceeds came from two thefts late last year. The North is known to operate an army of thousands of well-trained hackers who have attacked firms, institutions and researchers in South Korea and elsewhere. It has also been accused of exploiting its cyber capabilities for financial gain. The North is under multiple sets of international sanctions over its banned nuclear weapons and ballistic missile programmes, which have made rapid progress...

Read More........ → February 10, 2021