70% of cryptocurrency exchanges in South Korea close, causing losses to customers
Recently, the Financial Supervisory Service (FSS) of South Korea released data showing that 7 out of 10 cryptocurrency exchanges in this country have closed or stopped operating without returning money to customers. Some exchanges even did not notify investors.
In South Korea, virtual currency trading has become popular with 6 million users, equivalent to 10% of the population by mid-2023.
From the incident where 70% of Korean cryptocurrency exchanges did not pay customers, looking at the risks of cryptocurrency trading in Vietnam (Photo TL)
However, South Koreans tend to trade in small, less popular cryptocurrencies, which are often riskier than popular cryptocurrencies like Bitcoin or Ethereum.
The issue has prompted the FSS to coordinate with other financial authorities to strengthen regulations to tighten the operations of cryptocurrency exchanges in the country.
Potential risks of virtual currency trading in Vietnam
In Vietnam, the State Bank of Vietnam (SBV) has not yet licensed any virtual currency or cryptocurrency exchange. However, cryptocurrency trading is still popular among the people with an increasing scale.
In May 2024, the cryptocurrency payment gateway Triple A released ranking statistics showing that 21 million Vietnamese people use virtual currency for transactions, ranking 3rd in number worldwide .
Cryptocurrency transactions are not yet recognized by the state and are still in a gray area. It is estimated that profits from cryptocurrencies in Vietnam will reach 1.18 billion USD in 2023, ranking 8th in the world.
At the same time, on the Binance virtual currency exchange, Vietnam also ranked 4th in the number of virtual currency transactions.
Source: https://www.congluan.vn/rui-ro-giao-dich-tien-dien-tu--70-san-giao-dich-tien-ao-tai-han-quoc-khong-tra-lai-tien-cho-khach-post298738.html
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