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Crypto exchanges face extinction in Sout Korea

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South Korea regulates cryptocurrencies by following China’s actions.
Crypto exchanges like Gopax are canceled for not complying with the South Korea registration.

Some of the most famous crypto exchanges in South Korea have been canceled for not complying with stricter rules. The Chinese government has once again lashed out at the virtual marketplace by banning crypto transactions in the nation. The cryptocurrency market is tense, and this could affect the value of each token over the week.

Crypto exchanges banned across China

Major news regarding the cryptocurrency market includes the regulations from one of the economic powerhouses of the world, China. Beijing announced that crypto exchanges would be banned definitely and no longer operate in the country. This regulation step has affected the investors who remained linked to the exchanges within the Asian country.

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This measure against cryptos looks exaggerated when compared to those that South Korea has imposed in recent months. Korea only seeks to organize the decentralized market by ensuring exchanges are registered before they operate freely.

South Korea’s regulations against crypto exchanges were motivated by the former FSC director, who does not regard Bitcoin as a currency of real value. The head of the financial service said that it is dangerous to invest in cryptocurrencies, so he refuses to accept them.

After Sung-Soo, former head of the FSC stepped down, Seung-Beom continued with those thoughts. However, the regulations he seeks to impose on crypto exchanges are not that extreme.

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From today, September 27, South Korea will only operate registered exchanges such as Korbit, Coinone, and Upbit. Exchanges like Gopax were registered, but their association with a Korean bank fell apart and was canceled.

How do these measures affect the cryptocurrency market?

While South Korea is not the only country that trades cryptocurrencies in Asia, it is a big player like China. By reducing crypto exchanges, South Korea regulates the number of business investors and citizens who use cryptos.

However, the imposed regulation could also open a new episode in Korea’s crypto market, allowing new partners to invest. This could increase the demand for cryptos in the coming months and hopefully lead to new all-time highs.

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On the side of China, the regulations were already present for a long time, and this latest action proves it. Beijing alienates crypto from citizens, but this will not cause the market to collapse. But cryptos are gaining traction even though their current trading is not favorable.

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Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

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The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

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Crypto Exchange

Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack

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As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.

Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.

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The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.

The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,

“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”

PeckShield provided some details about the same noting,

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According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,

“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”

Source: Twitter

Actions taken by the team

The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.

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They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.

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Coinbase

NBA Makes Coinbase Its Exclusive Crypto Partner

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Coinbase has joined FTX in scoring major partnerships in the sports industry     

The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.   

Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues. 

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As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.  

Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:

The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission.  Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.

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The shares of Coinbase are up roughly 3% at press time. 

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