Cryptocurrency Crackdown Wipes Away Over 2 Billion Kimchi Coins

The crypto scene in South Korea has been on a roll for a long period. One of the main reasons behind is the increased interest people have in crypto investments. Believe it or not, majority of the people in Korea have made varying amounts of crypto investments. Some of these investments have been tremendously high and needless to say, people made huge profits because of them. As more and more time passes, the South Korean people will realize that crypto investments are a great deal as long as they play their cards right.

Some of you reading this might be surprised to learn that the cryptocurrency traders in the nation of South Korea have a worth of over $2 billion. What’s more, this number will only increase down the line according to a variety of experts in the crypto field. Sadly, however, there has been a massive issue in the Korean crypto scene and it has effectively wiped out billions of Dollars worth of Kimchi coins. Despite these sizeable losses, Korean traders and investors remain hopeful that things will eventually come back to normal after a while.

One of the main reasons why such an incredible amount was wiped away was the regulatory implementation made in South Korea. If you have been keeping up with crypto related news for a while, you will be well aware that governments have been imposing regulations left right and center. Initially, the only country taking these regulations so seriously happened to be the United States. As time passes, however, countries like South Korea, India, etc have been implementing a stricter outlook when it comes to the regulation of crypto.

For those who don’t know, there are four renowned crypto related exchanges that have been dominating the crypto trading space in South Korea. Four of the top exchanges happen to be Coinone, Korbit, Bithumb and Upbit. In addition to that, these exchanges happen to account for over 80% of the overall trading volume in South Korea.  While there is no denying that the introduction of regulations is a great deal, it is also somewhat of a double edged sword for some people.

This is because the standards and processes involved with the purchase, trade and investment of crypto will be under more scrutiny, checks and balances. What’s more, adapting to the new rules may also prove to be a hassle for some people in the Korean crypto space. That being said, people believe that things will eventually get back to normal once traders and investors get used to the changes. For now, however, Korean crypto enthusiasts are dealing with the blow one step at a time to return to their former glory.