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South Korean exchange Upbit gets initial license nod from Singapore

October 16, 2023 Coin Telegraph

Central Bank

Upbit Singapore scored initial approval from the country’s central bank and financial regulator for a local crypto license.

The Singapore entity for Upbit, South Korea’s largest exchange by volume, has been given in-principal approval for a Major Payment Institution (MPI) license in Singapore.

On Oct. 16, Upbit Singapore said the Monetary Authority of Singapore (MAS) gave the in-principle license nod, allowing it to continue with digital payment token services to institutional investors while awaiting its full license.

Upbit Singapore founder and CEO Alex Kim said in a statement that the firm was founded in 2018 but called the recent approval a strategic milestone for it to deepen its local presence.

*The Upbit Singapore team, pictured in the city’s downtown area. Source: Upbit Singapore*

Azman Hamid, the firm’s compliance chief, said the approval reflects its commitment to building its businesses in Singapore. “We will contribute to further establish Singapore as the leading hub for the next generation of financial businesses,” he added.

A potential full approval for Upbit would see the exchange join a total of 15 crypto firms with full MPI digital payment token serve licenses from MAS.

In October alone, the Singaporean entities for Coinbase, Ripple and Sygnum Bank all received license approvals from MAS — pushing the number of MAS-licensed digital payment token service firms to 15.

On Oct. 2, Coinbase received full approval for its MPI license, with crypto trading firm GSR scoring in-principal approval for its MPI the same day. Swiss crypto bank subsidiary Sygnum Singapore scored its full MPI license a day later and Ripple received its full MPI on Oct. 4.

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Crypto exchange Upbit stems fake APT token flood, resumes services

September 25, 2023 Coin Telegraph

APT

The newly created fake APT token called “ClaimAPTGift.com” made its way to 400,000 Aptos wallets, and users found they were able to deposit and sell it on the exchange.

South Korea cryptocurrency exchange Upbit has resumed Aptos (APT) deposits and withdrawals again after fixing an issue that saw a scam APT token incorrectly recognized as the real deal.

On Sept. 24, Upbit abruptly halted Aptos token services after noting an “abnormal deposit attempt,” prompting an inspection of the wallet system.

The problem appears to have originated from a newly created fake APT token called “ClaimAPTGift.com” which had made its way to 400,000 Aptos wallets after its creation on Sept. 21.

The fake token was likely part of a typical token airdrop scam, in which users are airdropped tokens that contain links pointing unsuspecting users to phishing websites.

However, a reported failure by Upbit to properly verify the source code of the scam tokens led to the exchange recognizing the fake tokens as real Aptos tokens, allowing users to deposit them on Upbit and sell them for Aptos' market price, according to X user Definalist.

“It seems that during the process of reflecting $APT coin deposits, there was a failure to check the type arguments, and all same functions transfers were recognized as the same APT native token.”

⚡️How did such a huge and foolish incident occur?

- It seems that during the process of reflecting $APT coin deposits, there was a failure to check the type arguments, and all same functions transfers were recognized as the same APT native token.
- Under normal circumstances,… https://t.co/CvDgTdqnGl pic.twitter.com/8gEx5YnOLH
— Definalist (@definalist) September 24, 2023

This reportedly led to users being able to walk away with funds. Upbit’s customer center has reportedly started to request refunds from users who sold the fake APT tokens.

The issue has since been fixed. As of Sept. 24 at 11:00 pm local time, Upbit confirmed it has resumed deposits and withdrawals after completing the wallet inspection.

“The action against the abnormal deposit attempt has been completed, and there is no problem with your Aptos transaction,” it said in a statement.

It however warned that there could be delays in processing deposits and withdrawals, and possible temporary price fluctuations in the APT tokens as compared to other exchanges.

APT is currently trading at $5.31 over the last 24 hours, however, the price of APT on Upbit is around $5.56, according to CoinGecko.

*Price of the Aptos token, APT. Source: CoinGecko.*

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South Korean city to seize crypto from thousands of tax evaders: Report

August 22, 2023 Coin Telegraph

Bithumb

City authorities of Cheongju are looking to seize cryptocurrency from anyone who owes at least $750 in crypto taxes to the government.

The South Korean city of Cheongju, the capital of North Chungcheong province, has said it intends to begin confiscating cryptocurrency from local tax delinquents.

The administration of Cheongju has requested seven South Korean crypto exchanges to inquire into holdings of thousands of tax evaders, the local news agency Yonhap reported on Aug. 22.

City authorities reportedly ordered trading platforms like Upbit and Bithumb to inquire into crypto assets of 8,520 users who owe at least 1 million won ($750) in local taxes. Following the inquiry, Cheongju authorities plan to confiscate cryptocurrency from tax delinquents, the report notes.

According to the city administration, cryptocurrencies have been increasingly used as a means of concealing property in South Korea. This latest initiative approach aims to ensure that South Korean residents who have evaded their tax responsibilities are held accountable.

Upbit and Bithumb did not immediately respond to Cointelegraph’s request for comment.

In 2022, Cheongju administration reportedly managed to collect overdue taxes from 17 individuals after receiving details of their cryptocurrency holdings from around 16,000 crypto investors. The city collected a total of 68 million won ($51,000).

Tax-related cryptocurrency confiscations have increased in South Korea in recent years. In 2022 and 2021 combined, the South Korean government confiscated as much as 260 billion Korean won ($180 million) worth of cryptocurrencies from tax evaders. In 2021, the city administration of South Korea’s capital Seoul seized crypto worth 25 billion won ($22 million) from individuals and company heads.

The seizures came soon after the South Korean government in 2021 enacted laws allowing regulators to seize cryptocurrencies like Bitcoin (BTC) from tax delinquents.

South Korea isn’t the only country that seizes cryptocurrency from tax evaders. Last year, Argentina’s tax authority seized more than 1,000 cryptocurrency wallets linked to delinquent taxpayers in the country. The United States Internal Revenue Agency also practices cryptocurrency confiscations crypto from tax evaders, according to IRS deputy associate chief counsel Robert Wearing.

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