A former Coinone executive, Mr. Jeon, admitted to taking $1.51 million in bribes for listing virtual assets on the platform. This case highlights the need for robust legal frameworks, transparency, ethics, and balances in the cryptocurrency industry to combat potential pitfalls and ensure market integrity.
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South Korean Crypto Scandal: A Call for Transparency in the Blockchain Future
A Seoul court has sentenced a former Coinone executive and three others for trust-related offenses involving receiving bribes to list altcoins, intending to manipulate prices. Coinone is one of South Korea’s four major crypto exchanges. The events underscore the need for compliance, integrity, transparency and accountability in the crypto industry.
Upbit Trumps Coinbase and OKX in Trading Volume Supremacy: A Shift in Crypto Powerhouses?
In July, South Korean cryptocurrency exchange, Upbit, saw a trading volume escalation of 42.3% to $29.8 billion, outperforming both Coinbase and OKX for the first time. In contrast, Coinbase and OKX saw reductions in their trading volumes. Upbit now commands 5.8% of the trading volumes on centralized exchanges.
Gemini’s Ireland Expansion, Copper-Bitget Partnership, and Bridging Global Crypto Regulation Gaps
Gemini selects Ireland as its European headquarters, while Copper partners with Bitget for off-exchange settlement solution. Coinmint sues Katena Computing and DX Corr, and China’s Zhengzhou drafts a policy for metaverse industry development. Regulations and adoption updates also feature.