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Binance, the world’s largest cryptocurrency exchange, is facing significant turmoil. It is under investigation by the U.S. government for alleged money laundering and securities violations, with the SEC charging the company and its CEO, Zhao Changpeng, for misleading customers about…
Cha & Kwon Law Offices provided legal advice on the implementation of blockchain distributed ledger business. Through the revision of the Electronic Securities Act, the financial authorities are promoting the enactment of the so-called STO law, which uses distributed ledgers…
A recent report reveals that South Korean individuals and corporations hold over 130 trillion won in virtual assets (coins) in overseas exchange accounts and wallets. Among individuals, those under 30 hold 8.3 trillion won, making up 80 percent of the…
Mark Cuban, owner of the Dallas Mavericks and a prominent figure in the cryptocurrency industry, recently fell victim to a cyber-phishing attack, losing over $800,000 in cryptocurrency. The attack occurred on September 16 and targeted his MetaMask wallet, resulting in…
The Delaware bankruptcy court has given the green light for FTX, a bankrupt cryptocurrency exchange, to sell its cryptocurrency holdings, totaling $3.4 billion. The court approved FTX’s asset sale plan, allowing them to gradually release up to $100 million of…
On July 26, the Joint Investigation Team for Virtual Asset Crimes, comprising experts from seven organizations, including the Prosecutors’ Office and the Financial Supervisory Services, was officially established. This team is tasked with promptly investigating crimes related to virtual assets,…
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has stood by his call for cryptocurrencies to be subject to the same laws as securities ahead of a hearing. “A lot of problems arise from the (crypto) industry’s failure to…
1. Overview of the case The client, the plaintiff in this case, lent bitcoins to the defendant at a rate of 10% per annum (or “interest”). When the repayment period came, the client requested the defendant to repay the bitcoins…
Upbit, a domestic virtual asset exchange, has recently garnered remarkable attention for its strong commitment to ESG (Environmental, Social, Governance) management. In a survey conducted by Data & Research during the first half of the year, analyzing ESG management interest…
Cha & Kwon Law Offices have reviewed the registration requirements for BVI based cryptocurrency issuers under the Virtual Assets Services Providers Act 2022 of BVI and reviewed the applicability of the virtual asset service laws and securities laws in initial coin…