South Korea’s cryptocurrency exchange Zeniex will soon terminate its services due to a recent government crackdown on unauthorized platforms, a post by Zeniex reveals Friday, Nov. 9.

The crypto exchange, a joint project by South Korea and China which opened May 2018, states in the post that due to “recent issues,” they have “come to the conclusion that continuing to operate such a service will be difficult.”

While crypto trading has already stopped on Nov. 9, all other services will be stopped on Nov. 23.

Zeniex customers are asked to withdraw all their cryptocurrencies before the deadline, as the service will then no longer be available.

Furthermore, in a separate announcement, the company states that Zeinex cryptocurrency fund Zxg Crypto Fund No. 1, which in particular has been a subject to local regulator’s investigation, is also closing on Nov. 23. Initially, the company expected its ZXG token to be listed by international exchanges, but then the decision was then cancelled, according to the press release:

“We believe that ZXG Crypto fund No 1. will have difficulties to operate smoothly with such current pressure from the financial authorities.”

Zeinex and its Chinese partner, Genesis Capital, will return the funds invested in ZXG in Ethereum (ETH) on Monday, Nov. 12.

In late October, South Korea’s Financial Services Commission (FSC) warned investors about investing in unauthorized crypto exchanges and Initial Coin Offerings (ICO), as they fail to protect investors from risks according to Korean regulation.

As local finance newspaper Business Korea explained, the notification in particular mentioned Zxg Crypto Fund No. 1. The FSC stressed that the company had never been registered by the Financial Supervisory Service as required by South Korea’s Capital Market Act.

A Zeniex representative told South Korea’s main daily business newspaper, Maeil Business Newspaper, that the company was not obliged to register as it had raised less than 1 billion won ($884,500) in total. However, the FSC started the investigation against the company, citing a lack of ability to check whether the platform is operating as claimed.

Although in early 2018 South Korea was rumored to be about to impose a strong ban on crypto, the country then decided to regulate the area instead. Banning anonymous trading, forbidding minors and government officials from trading, and taxing exchanges substantially were among the measures announced by country’s government to control crypto-related activities. The government has since recently been lobbied by local lawyers to clear up its stance on crypto and elaborate a clear legal framework.

This post is credit to cointelegraph

The South Korean government has agreed to invest $35 million in next year’s budget to develop blockchain technology and industry related to distributed ledger technology (DLT), South Korea’s largest economic information service company Korea Economic Daily reported Nov. 8.

South Korea’s government has held a meeting on industry related to DLT and blockchain technology with the participation of the Ministry of Science and ICT, the Ministry of Information and Communication, the Democratic Party of Korea, and others. The Vice Minister of Health and Welfare announced during the meeting that the ministries agreed to increase the budget for the next year by three times, approximately to $35 million.

This year, the Ministry of Science and ICT received 72 blockchain project applications from 41 institutions, and selected six final projects for their development in the public sector. For 2019, the Ministry is set to double the number of selected projects to 12, with three to four “private-led” blockchain projects as well.

The Ministry of Information and Communication will be responsible for providing technical, verificational, and consulting services for the blockchain startups for the next year, Korea Economic Daily reports.

The second vice minister of the Ministry of Science and ICT noted that “everyone agrees that the blockchain is a technology [that will] change the future,” continuing:

“We basically need to grow in the market […] We will also need institutional and legislative support from the National Assembly [Korean parliament]. I look forward […] for the development of the blockchain industry in Korea.”

Previously this fall, a sub-organization of the South Korean Ministry of Science and ICT, the Korea Internet and Security Agency (KISA), had already made an announcement about the government’s plans to to spend about $9 million to spread blockchain projects throughout public and private sectors, Cointelegraph reported Sep. 4.

Back in October, South Korea’s Financial Services Commission (FSC), the national watchdog, warned that investing in cryptocurrency funds could violate the country’s Capital Markets Act.

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South Korea‘s leading virtual currency exchange Bithumb has partnered with Asian e-commerce giant Qoo10 to provide a cryptocurrency payment service, according to an official announcement Nov. 7.

Qoo10, the so called “Asian Amazon,” is a leading South Korean e-commerce company in pan-Asian markets such as Singapore, Hong Kong, China, and Indonesia. The press release notes that the partnership will expand the Bithumb cash payment service as a global payment method.

The two companies initially signed a contract in August and proceeded to work with the Qoo10 settlement service and Bithumb Cache system. Introduced by Bithumb this spring, Bithumb Cache is a password settlement service that allows Bithumb customers to convert their funds to use for payments with their password, as Cointelegraph reported Mar. 10.

Through this new partnership, it will become possible to purchase products from Qoo10 and pay for them using the Bithumb Cache. Bithumb’s press release states:

“The partnership with Qoo10 has made it possible for us to utilize the Bithumb cache beyond our home country and abroad for real life. We will continue to improve our services to improve customer convenience.”

Earlier this summer, eBay, a global e-commerce platform, had acquired Qoo10 for the total sum of $573 million, with the aim of increasing eBay’s international presence.

Last week, Bithumb partnered with U.S. fintech firm SeriesOne with the goal to open a securities token exchange in America, Cointelegraph reported Nov. 1.

According to CoinMarketCap, Bithumb is currently the number 76th crypto exchange, with a total 24 hour trade volume of more than $3,028 billion at press time.

This post is credit to cointelegraph