South Korea Plans to License Crypto Companies

The Financial Services Commission of Korea plans to change the way it regulates crypto companies. According to an article published by Business Korea, this decision is based on the new FATF recommendations, published in June 2019.

Specifically, the Commission wants to implement a licensing system for companies that carry out activities associated with cryptocurrencies. Until now, the regulation of the crypto industry was indirectly achieved through the banking field.

Official statements claim that this measure for licensing crypto companies will support the fight against money laundering through cryptocurrencies.

The UK Tax Agency is asking for information on cryptocurrency transactions

HM Revenue & Customs, the British tax authority, has sent data requests from crypto exchanges regarding the transaction history of British citizens. Apparently, this is an attempt to recover the taxes and taxes owed by the crypto traders.

To date, at least three exchanges have received such requests for information – Coinbase, eToro and CEX.IO.

HMRC requests follow a model set by the US Internal Revenue Service (IRS) and other governments. Last month, the IRS began sending out warning letters to more than 10,000 Americans, who are alleged to have not properly reported their crypto transactions.

Chinese police are investigating an exit scam of Chinese investors who bought EtherDelta

According to information published by local media, Chinese investors in EtherDelta have been accused of “a major scam”. The exchange was sold to them in 2017, and investors released a token called EDT which proved to be a scam exit. The police are currently investigating investor complaints in the EDT token.

The EtherDelta crypto trading platform was founded by Zachary Coburn in July 2016 and specializes in trading Ethereum and ERC-20 tokens. Coburn was charged by the SEC with operating an unregistered securities exchange and paid a total of approximately $ 400,000.

A hacker claims to have accessed KYC’s Binance information, the exchange denies the incident

A hacker claimed that he accessed the personal information of over 10,000 Binance customers and threatened to make them public if not paid with 300 BTC. CEO Binance claimed that customer data is secure and that hacker information comes from an incident in February 2018. At that time, a company performing KYC checks for Binance and Kraken was compromised.

Changpeng Zhao said he was trying to find out who the person behind the blackmail was and asked the public not to distribute the information published by the hacker into the Telegram groups.