Private Equity Moris Beracha Wuani

  Matthew Beedham South Korea is preparing to come down hard on cyber-criminals with the launch of a new “task force” specifically aimed at fighting cryptocurrency fraud and fintech-related crimes. The launch comes in specific response to the 800-percent increase in cryptocurrency crimes the country has seen over the last few years, local news outlets reports . In 2016, there were just 53 reported cases of such crimes, but in 2017 this figure rose to 453, and it exploded to 4,591 cases in 2018. Professional investigators and prosecuting bodies from around the country came together earlier this week in Seocho-dong, Seoul to mark the launch of the task force. According to the report, the task force will be able to track accounts suspected of harboring illicit funds, although it has not stated how it plans to do this. Naturally, as it’s a matter of public security, it’s likely to be a closely guarded secret. The task force will also be empowered to share info...

By Max Yakubowski     A South Korean financial authority has warned two major domestic banks about their lack of management of cryptocurrency transactions and Anti-Money Laundering ( AML ) regulation, local online media outlet The Daily reports Dec. 4. The Financial Supervisory Service (FSS) has reviewed Kookmin Bank and Nonghyup Bank and found “unreasonable elements related to virtual [currency] handling business.” However, the article notes that the regulation standards are not clear, and the FSS’s order applies only to some accounts that have been contracted with a real-name verification service, not crypto counterparty (exchange) accounts. The banks have also received orders for improvement and must submit the measures to the FSS within three months. The article notes: “If the FSS considers that the content is insufficient, the FSS will be able to impose more direct sanctions in the future.” In addition, the article states that there is a prob...

By Ana Berman    Two energy divisions of German tech giant Siemens have joined a blockchain-driven energy platform to promote the use of decentralized technologies in the sector, according to a press release published Wednesday, Nov. 21. According to Siemens, its Energy Management and Power Generation Services departments are partnering with open-source, scalable blockchain platform Energy Web Foundation (EWF), founded in 2017 to elaborate regulatory, operational, and market solutions for the energy sector. Siemens officials believe that blockchain technology will help increase interoperability in the area, linking consumers with energy producers and network operators, the press release writes. Moreover, the technology could help increase the efficiency of energy systems and enable new forms of project financing. The statement also notes that Siemens is already using blockchain accompanied by microgrid control solutions to optimize con...

By Kate Rooney    The world's largest cryptocurrency moved back into the $7,000 range as a key exchange in South Korea, one of bitcoin's biggest markets, came back online. The digital currency hit a high of $7,100 Tuesday, up 6 percent this week after starting Monday around $6,600, according to data from CoinDesk. The cryptocurrency is still down about 50 percent since the beginning of 2018, and 64 percent from its high in December. After losing the equivalent of $30 million in a June hack, Seoul-based Bithumb was forced by its banking partner Nonghyup Bank to temporarily stop taking new customers. The world's fifth largest exchange reopened account registrations again this week, according to local media outlet Yonhap News and multiple crypto industry news sites. "All of this buying is coming from Asia," said Brian Kelly, founder and CEO of BKCM. "The biggest news in the market right now is that South Korea exchanges are coming back online." Bithumb...

By Billy Bambrough The bitcoin price bull run over the last month, which saw it climb from around $6,300 to highs of $8,400 in a matter of weeks, could be over. Bitcoin has slumped by 5% over the last 12 hours, falling well below the psychological $8,000 mark as traders and investors fret over coming tax crackdowns and blockchain-based applications being adopted by the traditional financial institutions. Bitcoin hit lows of $7,675 at pixel time, down from daily highs of $8,168, according to CoinDesk data. Meanwhile, other cryptocurrencies are suffering — and many of them haven't had quite the bull run bitcoin has over recent weeks to cushion the fall. Ethereum is down by 6% over the last 24 hours, while ripple is down around 4% and bitcoin cash is off by 5%. Here's what's pushing the bitcoin price lower... South Korea, which has emerged as one of the most important markets for bitcoin and cryptocurrency in recent months due to its large volumes of trading, is mulling ...

By Olga Kharif and Eric Lam in Bloomberg Cryptocurrencies extended their rebound on Wednesday as Bitcoin traded above $7,500 for the first time in a month, shrugging off security and regulatory concerns that have plagued the digital currency for much of this year. Bitcoin climbed as much as 3.1 percent to $7,543, according to Bloomberg composite pricing. Rival cryptocurrencies including Ripple, Ether and Litecoin also advanced. Bitcoin remains more than 60 percent below its all-time high in December. The cryptocurrency last traded above $7,500 on June 8, before getting caught in a sector wide sell-off that erased about $42 billion of market value the following weekend. Some observers pinned that retreat on an exchange hack in South Korea, while others pointed to lingering concern over a clampdown on trading platforms in China. Cryptocurrency venues have come under growing scrutiny around the world in recent months amid a range of issues including thefts, market manipulation and ...

Moris Beracha.-  Currently, South Korea is the world’s third country in bitcoin trading, after Japan and the United States. However, the government moves to ban these transactions in an effort to limit speculative investing in cryptocurrency markets. There are "great concerns" regarding virtual currencies, according to national authorities. Justice Minister Park Sang-ki said that they are preparing "a bill to ban cryptocurrency trading through exchanges." Financial Services Commission Chairman Choi Jong-ku said that "virtual currencies are currently unable to function as a means of payment and it is being used for illegal purposes, like money laundering, scams and fraudulent investor operations." This is why the Asian nation is preparing a new legislation that would include a ban on anonymous digital currency accounts and thus grant the opportunity to regulatory agents to close exchanges if deemed necessary. The law will also prohibit banks fr...