South Korea Bans Over 17 Crypto Exchanges
South Korea, one of our favourite regions of the world when it comes to Hive, is clamping down on crypto exchanges. Popular exchanges like KuCoin and Gate.io have been restricted or banned outright for "operating illegally in South Korea".
I thought it weird that the FIU, the intelligence agency that investigates this kind of stuff in South Korea, only just realised this now after years of these companies operating there. Someone commented on my YT channel that this is clearly a shakedown. I tend to agree. Fees/fines will be paid and services will be resumed in due course.
Hive (including all the internal exchanges) is still available to Koreans I assume. Might we see a surge in Hive due to this? We've seem some epic "Korea pumps" in the past. Is one about to happen because of these bans? Let's wait and see.
Peace & Love,
Adé
You know, I'm of two minds here.
On the one hand, Korea having Hive's price by the testimonials never felt too good, If I'm honest. Its not a belief in what is being built here, just people gambling. So, if we are lucky, this "opening" would allow for other markets to step in and somewhat control the price action a little better.
But, also, I'm not going to bash taking profits either.
Here's my suspicion- hear me out.
If we get some regulatory clarity with pegged-stable-tokens in other markets, then Korea wont have us by the testimonials anymore. That seems to be their advantage.
Other markets with HBD outside of Korea would be super nice to see. And, with the upcoming projects that rely on HBD, you would have to be addicted to imported fentanyl to not see the potential nor care.
That's the important part right now haha. But yes you're right, we do need more markets outside Korea.
It's a shame the Koreans didn't actually use Hive as I think we need more diversity of communities. Governments seem to be clamping down on crypto with excuses about money laundering etc. Maybe decentralised exchanges will make it harder to track and they may not be able to stop that. I really haven't gone too deep into this stuff, so feel free to correct me :)
Sadly they can track DEXs too. You can't move money to any wallet now without telling the centralised exchange who's wallet it is. As long as you never go into a centralised exchange then you can be sort of anonymous for now..