Don't let the misleading headlines fool you, South Korea is just implementing some more regulations. Nothing I'm seeing is indicating a full ban by any means. This seems simply ridiculous currently. The biggest regulation is in relation to virtual accounts. This is a way to hold a bank account, in an anonymous fashion. People were using these accounts on bitthumb, abusing it to avoid government knowing what they were doing. As well, money was being launder through this process, pair with trading arbitrage. Thus laundering tons of $$$ from china, over to south korea, through these virtual anonymous accounts. So it appears this will go into effect Dec 29th, today, but will not ban all virtual accounts, more adding a requirement to attach a real name to the account being used. Next up is all minors being banned from trading, and all foreigners who do not live in korea banned.

So long story short, again news outlets are trying to prey on us with massive FUD on the popular crypto space. Don't fall for the FUD, and stay safe out there!

From the Cracking Cryptocurrency Team


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