Laut Tether sind aktuell 127 Mrd. USDT in den verschiedenen Blockchain-Netzwerken im Umlauf.
Europäische MiCA-Verordnung: Startschuss für Institutionen
Die MiCA-Verordnung der EU, die ab Dezember 2024 vollständig umgesetzt wird, verspricht eine neue Ära für den europäischen Kryptomarkt. Durch klare Regulierungsstandards soll sie institutionelle Investitionen fördern, Anlegerschutz stärken und die Grundlage für Stabilität und Innovation schaffen.
Bitcoin-Kurs wird nicht wieder unter 60.000 US-Dollar fallen – Michael Saylor
Michael Saylor ist zuversichtlich, dass der Bitcoin-Kurs noch bis Ende des Jahres über 100.000 US-Dollar klettert und nicht wieder unter 60.000 US-Dollar abrutscht.
FIU investing Upbit for what could be the largest KYC scandals in crypto history
- South Korea’s FIU investigating Upbit for failing to verify 500,000–600,000 accounts properly.
- Upbit could face billions in fines for KYC violations under South Korea’s laws.
- The exchange’s license renewal is delayed as the FIU scrutinizes possible illegal activity.
South Korea’s Financial Intelligence Unit (FIU) is probing cryptocurrency exchange Upbit for what may become one of the largest Know Your Customer (KYC) scandals in the history of the industry.
The investigation centres on up to 600,000 accounts that allegedly failed to undergo proper verification procedures.
These breaches were uncovered during a routine review of Upbit’s business license renewal, which has now become anything but routine.
Accounts without proper identification documents
The FIU’s extensive review, which began in late August, uncovered serious flaws in the exchange’s account verification system. Authorities found that many accounts were opened with unclear or improperly submitted identification documents.
In some cases, critical details such as names and registration numbers were impossible to verify.
South Korea mandates strict KYC checks to prevent criminal activity, including money laundering, within the crypto market. Without proper identity verification, these accounts could have easily been exploited for illicit purposes.
Upbit risks penalties of up to billions of won
If the allegations are confirmed, Upbit, one of the 23 South Korean Exchanges that came together for self-regulation in 2023, could face massive penalties.
Under South Korea’s Special Financial Transaction Information Act, each violation could result in fines of up to 100 million won (approximately $75,000).
With potentially 500,000 to 600,000 affected accounts according to local sources familiar with the issue, the total fines could soar into the billions of won, marking a significant blow to the exchange and the broader crypto industry.
The fallout from these violations has already delayed Upbit’s license renewal process indefinitely. Typically a routine procedure for crypto exchanges every three years, the review is now mired in uncertainty as the FIU meticulously examines each flagged account for possible illegal activity.
In the meantime, Upbit has remained tight-lipped about the investigation, citing legal restrictions on sharing details. However, the company’s vague statements have only fueled concerns about the severity of the breaches and whether they could be linked to money laundering.
As the investigation continues, the crypto world watches closely, awaiting the potential consequences of what could become a landmark case in KYC and anti-money laundering enforcement.
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Head of research at VanEck says Bitcoin bull run is just getting started
- Matthew Sigel predicts Bitcoin’s bull run will continue for at least two more quarters.
- Institutional interest is growing, with advisors considering 1-3% Bitcoin allocations.
- VanEck targets Bitcoin at $180,000, forecasting a 1,000% rise from market lows.
In a recent CNBC “Squawk Box” interview, Matthew Sigel, Head of Digital Assets Research at VanEck, forecasted that the current Bitcoin rally is in its early phases.
Bitcoin (BTC) recently surpassed $93,000, marking a substantial 150% gain this year before experiencing a slight correction and Sigel is forecasting continued growth for at least two more quarters.
Change in government support and surge in institutional interest
Sigel drew comparisons to Bitcoin’s performance in 2020 when the asset doubled in value between the election and the end of the year.
“We’re now in uncharted territory with no technical resistance. We anticipate seeing new all-time highs over the next two quarters,” Sigel said. He also noted that while previous rallies included 6-10 corrections, current market indicators monitored by VanEck still signal strong upward momentum.
A significant factor behind this positive outlook is what Sigel describes as a “state change in government support.” He highlighted that key figures in the upcoming Donald Trump administration, such as the Vice President, Attorney General, and National Security Advisor, are supportive of Bitcoin.
This shift, along with the expected end of “regulation by enforcement” from agencies like the SEC, could boost industry confidence and expansion. “We’re already witnessing economic benefits,” Sigel remarked, noting that crypto projects are planning US-based conferences and new office openings.
Institutional interest in Bitcoin is also growing. Sigel reported an increase in inquiries from investment advisors aiming to allocate 1-3% of their portfolios to Bitcoin, signalling potential future inflows of capital.
Despite the price surge, mainstream interest has not yet reached previous peak levels. “Google searches and Coinbase’s app ranking are still below their historic highs,” he pointed out, suggesting more room for growth.
VanEck projects Bitcoin could hit $180,000
VanEck has set a price target of $180,000 for Bitcoin in this bull cycle, representing a 1,000% increase from the market bottom.
Sigel concluded that, even at this level, the current cycle would be the smallest in comparison to past ones, leaving space for continued optimism.
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