South Korea - the queen of cryptscandals

South Korea's financial regulator has officially banned anonymous transactions, now traders are required to reformat virtual accounts into accounts with real names within a month. This measure is part of the new regulatory system, which was announced by South Korea in late December.

In response to severe restrictions, South Korean citizens registered two petitions: "Not to take away the dream" about the good life that the crypto-currencies make real, and demanding the removal of Choi Hyun Shik from the post of chairman of the Financial Supervision Service of South Korea (FSS).

As of January 17, the first petition overcame the threshold of 200,000 signatures, and now the government is legally obliged to respond to claims within 30 days.

One of the biggest concerns concerns the total ban on cryptotrading, which was prematurely declared by the Justice Ministry of South Korea. However, on Wednesday, the Chairman of the South Korean Fair Trade Commission (KFTC) Kim San Joe said that the authorities do not have legal authority for such a measure.

On Thursday, South Korea again did not allow to catch attention: it became known that government members invested in crypto-currencies and sold them right before the announcement of regulations, which provoked a large-scale correction of the market. At the moment, several civil servants are accused of insider trading, FSS is investigating the case. Of the good news of South Korea - the world championship of the Upbit exchange, which became the largest daily turnover, despite the regulations.