Posted 2/12/2024, 3:58:18 AM
South Korean Traders Acquitted of $3B Crypto Arbitrage Despite Regulatory Gray Area
- South Korean crypto traders acquitted after being accused of making $3.2B profit by exploiting price differences between local and overseas exchanges
- Traders took advantage of "Kimchi Premium", where crypto prices are higher on South Korean exchanges due to fewer high-return investment options
- Judge ruled traders should have registered for trading between local and overseas exchanges, but enforcing this is challenging
- Regulatory clarity still unclear - Virtual Asset Protection Act won't be enforced until July 2024 with penalties for market manipulation
- Popularity of crypto rising amongst South Korean National Assembly members - 6% held crypto assets in 2023, up from just 8 members in 2022